Consolidating payday loans

At Rate Detective, we may be able to assist if you have 2 or more payday loans (small amount credit contract'S) in consolidating that loan into one loan, usually with a lower repayment. If you qualify, we can often lend out additional funds all at a lower repayment. Of course, this is all dependent on your serviceability as well as other lending factors and is decided on a case by case basis. 

In providing this service, Rate Detective might choose to lend its own money to you via the company’s subsidiary brand Spotter Loans or we may refer you onto a partner we deal with who specialises in this area. The staff at Spotter Loans will discuss these options with you.

Generally speaking the loans are unsecured cash loans, however, there is an option to provide some security (usually by way of a motor vehicle) to get a secured cash loan. Secured loans generally have a much lower interest rate associated with them.

 Although we will look into your credit history, a poor credit rating will not necessarily disqualify you from being about to make use of this loan consolidation service. Your credit rating will help inform us of the most competitive rate we can find and the most likely place where you will get a loan.

A typical case might see us consolidate loans for a client that has 2 or 3 payday loans totalling around $4,000 or less into one loan spreading the repayments over 12 months instead of 6 and hence reducing your monthly commitment. 

If you’re interested in this service click through to our subsidiary Spotter Loans and put in an inquiry, and one of our team members will be in contact within a few hours.

Published on August 8-nd, 2016 in Personal Loans
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.