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duckiesan

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Payday Loan Consolidation
I have some outstanding payday loans and have been doing some research on payday loan consolidation. I'm not comfortable with the programs where you stop paying and close all of your accounts while you save up the money to negotiate with (that just seems shady). I have been looking into debt consolidation loans just for the payday loans (I am already in a debt management program for the rest of my debt) but my credit store is pretty abysmal right now. Does anyone have any suggestions on programs or lenders that might help me?

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One Focus Financial can help

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OneFocusFinancial.com They are the best debt consolidation company. Contact them they can save you money, consolidate your loans, and assist you in fixing your credit. Sign up today for a free savings quote.

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Helpful to 6 out of 7 people

 I used to be a Regional Manager for a Payday loan office and I left after three years because I know you can't even stay employed there for too long, never mind pay off their interest rates.  If you stop paying the time it takes for them to file the paperwrk to get a judgement on you is about three weeks.  If you save your regular payment in that time you will already be about a third of the way paid off.  The time in which it takes for them to file for garnishing of your wages is about 2 maybe three weeks.  Again you would be able to save another payment.  So your at 60% approx.  The cost for them to file this paperwork is usually about $285.  So considering the average loan is about $500 they usually try to work with you for about 1 or 2 weeks.  Again another 30% you could have put aside.  So there is about 90% of your debt paid off.  As for your credit well let's face it if your'e at a payday loan place it is because it is already shot.  So we are just looking to pay it off and get back on track.  Payday loan places charge about 550% APR they just tell you 22% in two weeks.  I understand they are taking a huge risk lending to those with bad credit but there is no way anyone can pay that back.  Good luck and bless you for even trying to pay them back but I believe it is inevitable the loans always go bad.  The business is afloat only because they milk you to the last penny.

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debt consolidation payday loan

What are the pros and cons of payday loan consolidation programs

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