How will pdl consolidation affect score?

Submitted by Anonymous (not verified) on Thu, 07/02/2009 - 05:48

I have about 4 to 6 payday loans that I took out in 2006. They were more than I could afford to pay and went into collections. All of them are internet loans. I am PA where payday loans are not legal. My question is can I go for a payday loan consolidation? How will consolidation affect my score?

Hi Nick,

I agree with you that payday loans are illegal in Pennsylvania. You will have to contact your creditors, to find out whether they would accept payments through a consolidation program. You can convince your creditors by explaining the financial hardships you are undergoing.

How will consolidation affect my score?

I assume that your score is already low, as you have 4 to 6 payday loans which you haven't paid off. So when you start making payments through a consolidation program, your score will gradually increase. To know more about the benefits of debt consolidation you can visit the following link:

Thu, 07/02/2009 - 10:10 Permalink