If you have a payday loan or a number of payday loans, it is important to think about ways in which you can take control of your finances. One of the most popular solutions that are presented to people when it comes to dealing with debt is to consolidate your loans. If you have a number of payday loans, you should be looking to see if there is a way in which you can obtain enough money to pay off all of the loans in one go, allowing you to focus on one individual loan.

If you have a number of loans to contend with, you run the risk of forgetting a payment date or overlooking one of the loans. There is also the fact that payday loans have an extremely high APR, which means that you will be paying a lot of interest, which significantly increases the amount of money that you need to find to pay off your debts. This is why consolidating your payday loans is a very smart idea.

Of course, if you turned to payday loans in the first place, there is a very strong chance that you have been refused finance from the more traditional lenders. You should never consider a payday loan as your first port of call when it comes to finance, in fact, it is generally the last port of call you should be turning to. This means that if you are looking to consolidate your payday loans, you may not have too many options at your disposal.

A guarantor loan provides the opportunity to consolidate your payday loans

There is one option available to you though and if you are looking to consolidate my payday loans, you will find that obtaining a guarantor loan is of great benefit. A guarantor loan is available at a much lower rate of APR, due to the fact that someone will be acting as a guarantor for your loan. This provides the lending company with a greater degree of confidence about the loan being paid back. This means that you will pay a lower rate of interest for a loan obtained with a guarantor loan company.

This provides you with the opportunity to obtain the money you need to pay off all of your payday loans, and focus solely on paying back the guarantor loan. This will help you to save money and it should also help you to be more confident about your finances. Consolidating your debts and loans is always a good idea and a guarantor loan will provide a perfect opportunity to give yourself a greater degree of financial freedom.