This process entails taking out a personal loan, usually with lower interest rates than payday loans, and repaying it over several years. This process can also help you repair your credit, as your payment history makes up approximately 35% of your credit score. Payday loan consolidation can be a great option for many people in this situation. Here are some benefits of this process. Check out – https://www.nationalpaydayrelief.com/payday-loan-consolidation/
What Is Payday Loan Consolidation?
First, you can find a personal loan that fits your situation. Payday loan consolidation is generally a good idea, as most personal loans have lower interest rates. The interest rate on a personal loan is typically around 36 percent, which is much lower than the 400% APR payday loans have. This option may be especially good for individuals facing a crisis of debt, since it will eliminate the stress of multiple monthly payments.