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I have payday loans which I am struggling to pay off each month. I am considering Consolidating my payday loans, but does it affect my credit file. On my credit file I have never missed a payment and I don't want this to go on there and affect it.
Yeah...debt consolidation will affect your credit score. Are your lenders licensed in your state? If not, then you can’t consolidate your debts, because debt consolidation is applicable only for legal loans. In this case you are required to pay back only the principal balance to your illegal lenders. As far as the legal loans are considered, you are liable to pay both the principal and interest. In this case you should try to negotiate with your licensed lenders and set up a payment arrangement with them.
Where do you stay? Contact the state Department of Financial Institutions to know whether payday loans are licensed in your state. If they aren't you can try settling your debt. BUT I think you should try combining or negotiating your debts on your own in order to save your dollars.
well
since every pdl except for ws/cashcall do not report,and illegals can't report i wouldn't worry about that.we need to know the following
1)names of each lender
2)amount borrowed from each
3)amount debited/paid to each thus far
4)internet,or storefront
5)state you reside in
if the loans are legal they will work with you,and won't deal with a 3rd party.if the loans are illegal then you only owe the principle and anything debited gets deducted from that.most if not all places that claim to help with pdl debt are scams meant to get your money,and nothing else.