Is it true I can transfer my payday loans to a personal loan I have with a finance company?

2 Responses to “Is it true I can transfer my payday loans to a personal loan I have with a finance company?”

1. 
   SterlingRose7
   March 21st, 2008 at 8:19 am

   There maybe a finance company that will refinance your payday loans but the interest rate will still be pretty high. I would urge you to look at your overall spending and cut out the non necessary items and spending. But using payday loans and finance company loans, the items that you are buying are actually costing you almost double of what the price tag says. Also, payday loans and finance companies usually sink a consumer financially so that they are dependant on them. I would get out of the cycle ASAP and save yourself thousands of dollars.

2. 
   chey_one
   March 22nd, 2008 at 7:29 pm

   They aren’t actually “transferred” - you can seek to get a loan from any other lender - bank, finance company, credit union etc - to pay the ck loans in full.

   Granted finance companies rates are higher than banks and credit unions, but nothing like as high as payday loans and check advances (basically the same entities).

   Payday loans are generally at approximately 400 % apr, while finance companies are much much lower.

   Big deal issue is KNOW TO NEVER GO BACK TO A PAYDAY LENDER - it is a vicious cycle. One that leads many people to bankruptcy.