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Does Anyone Know Where I can Consolidate a Private and a Federal Loan?

I have about 15 pay day loans Does anyone know how I can consolidate these loans?

  • I had a situation where I needed money and I went and got a payday loan one led to another and another and another and now I am in a huge hole DOES anyone know where I can get a bill consolidation loan with bad credit, I dont know what I am going to do .. I was told b various people that getting a loan and defaulting on the loan can result in going to jail, but I cannot go to jail, I have three kids that i take care of and NO ONE to help me and one of my children is disabled . I would appreciate any help anyone can give me

  • Answer:

    Consolidation loans often reduce the size of the monthly payment by extending the term of the loan beyond the 10-year repayment plan that is standard with federal loans. Depending on the loan amount, the term of the loan can be extended from 12 to 30 years. (10 years for less than $7,500; 12 years for $7,500 to $10,000; 15 years for $10,000 to $20,000; 20 years for $20,000 to $40,000; 25 years for $40,000 to $60,000; and 30 years for $60,000 and above.) The reduced monthly payment may make the loan easier to repay for some borrowers. However, by extending the term of a loan the total amount of interest paid is increased. In certain circumstances (for example, when one or more of the loans was being repaid in less than 10 years because of minimum payment requirements), a consolidation loan may decrease the monthly payment without extending the overall loan term beyond 10 years. In effect, the shorter-term loan is being extended to 10 years. The total amount of interest paid will increase unless you continue to make the same monthly payment as before, in which case the total amount of interest paid will decrease. The interest rate on consolidation loans is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest 1/8 of a percent and capped at 8.25%. http://loan-house.we.bs/loanconsolidation.html http://loan--house.blogspot.com/2008/03/loan-consolidation.html

jennings... at Yahoo! Answers Visit the source

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Oh, I am so sorry. Maybe talk with them and ask them for extentions and you can pay little by little until you pay them off. Ask your church for help. The biggest thing is getting out of this debt. As far a loan for bad credit, try Credit Central. I don't know what else to tell you. Good luck!

Future CEO

no u wont go to jail bankrupt maybe your only other option is a bank or small loan buisnesses

luckydo6

Ok, take a deep breath. First of all, you're more than likely NOT going to jail. People don't go to jail for not being able to pay on a debt. Second, it will be very difficult to get a consolidation loan if you have bad credit. Are they all through the same company? If so, call them and tell them you are having a financial hardship and see if they will set up a more managable payment plan. If not, send them what you can...they can't refuse payment. You can also try Consumer Credit Counseling. Just look them up in the phone book or online in your area. I don't like to recommend it, but bankruptcy may be an option if you are THAT far in debt and can see no way to get out and they won't work with you. Kudos to you for taking care of 3 kids on your own. Good luck!

Dani

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