Monthly Archive: November 2019

Consolidation of payday loans

Hello. I made a big mistake. I took in payday loans with which I cannot cope with repayment. I would like to have one convenient installment instead of several and pay off everything. I suspect I’m already in the KRD etc.

Are there companies that still help you get a debt consolidation loan and help? Is consolidation of payday loans a good idea?


Consolidation of payday loans

consolidation loan

Maybe I would not care about KRD as much as scoring in BIK. Because if you are going to apply for a consolidation loan to pay back payday loans, banks will definitely download a BIK report about you.

Unfortunately, I don’t know how much and how long you can’t cope with paying those payday loans, does your debt reach over 60 days? because if so, then BIK has certainly noticed your delays in the payment of payday loans and you will certainly not receive a bank consolidation loan for repayment.

Of course, you can try to get a loan to consolidate payday loans in a non-bank loan company, but it will be a very expensive loan and I warn you about it because it is rarely worth it to take such a consolidation loan at all.

I think that you should deal with your debts yourself. Make yourself a list of payday loans, ie hierarchically from the most expensive payday with the largest APRC, to the cheapest, something like:


Application for payment in installments

payday loan

Dividing the payday loan into installments – application 10.00 USD – I am buying access to the design Click to pay or choose another pattern Added to cart.

You have to be aware that not every loan company will agree to break down payday loans into more installments because sometimes their business model does not allow it, and eg the company’s most lucrative income, for example, are reminders for late payment of payday loans.

If you can’t afford to pay the payday installments in a timely manner, then put into the loan company’s account at least the amount you can currently afford. Thus, you will make it clear that you are not trying to cheat them, you only have temporary problems with financial liquidity.


Termination of the loan agreement – consequences

loan agreement - consequences

At all costs, try not to terminate the loan agreement, because then, at least 30 days, you must pay the entire amount of the payday loan, including interest, once.

If you do not do this, your debt goes to debt collection, and there you will have debt collection costs and sometimes persistent harassment by the debt collector, so it’s really worth doing everything so that only the loan company does not terminate your loan agreement. ..

It is also worth considering your revenues because there is a lot to do on this level. You can:

  • ask your boss for a raise
  • start doing overtime,
  • look for additional work,
  • find a new better-paid job.


Cash in of assets

credit loan

Another way to get out of payday loans is to cash in your assets. If you have any movables (things) that have some value and you do not need them to live, do not hesitate to sell them.

If you live well with your family and your loved ones support you, consider a loan for a family member or friend. Then, with such an injection of money, you can protect yourself from terminating the loan and avoid additional, completely unnecessary costs of servicing your debt.