Borrowers often find themselves in a position where interest rates on several outstanding debts are higher than they had originally agreed upon. They might not have budgeted for an emergency expense or event and some bills were forgotten. A late payment can raise your monthly bill to more than you can manage. This is when a payday loan isn't recommended. A better alternative to a payday loan would be to consolidate these higher interest loans. To take control of your finances, a debt consolidation loan provides financing for a borrower to repay old debts. Consolidating debt turns a handful of creditors and bills into one loan from one creditor to slowly be paid off in fixed installments. A lower fixed rate loan prevents financial confusion and relieves the customer from paying unfair rate hikes. Add up your loans and calculate if refinancing would be cheaper than your current financial path.

Before entering into any financial agreement, think about how much you can afford to borrow and include the interest. This is the loan's total cost. You may request $1,000 but the loan has an interest rate of 12%. For a 12 month payment plan, this comes out to an $89 a month and $1,068 in total. That's only a $68 fee for getting cash upfront and potentially stopping you from digging yourself into deeper debt with another creditor.

---

Choose a Payday Loan Alternative:

Bad Credit Loans

Cash Advance Loans

Debt Consolidation Loans

Installment Loans

Motorcycle Loans

Military Loans

Short Term Loans