Payday loan or Consolidation loan?

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Payday loan or Consolidation loan?

There has been a recent TV campaign advertising payday loans to borrowers over a longer term of 6 months. These longer term payday loans are at the high rate of your average payday loan, with the one offered by this particular lender at a staggering 3378%. This means that if you were to borrow £1000 over six months you would have to pay back a huge £2200.

If you are thinking about taking out a payday loan and / or have taken out payday loans a few times over the past year it maybe that you could look at consolidating all of your debts into one consolidation loan. These are at lower rates than payday loans and will enable you to manage your debts more efficiently with a view to becoming debt free once you come to the end of your loan agreement.

Once you have been approved for a consolidation loan, you can then pay off your existing loans and other unsecured debts, once you have done this and you start to make repayments on your consolidation loan, you can then start to repair any damage you may have caused to your credit rating.

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