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Debt Consolidation

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Debt Consolidation

Debt consolidation is a process of debt refinancing, in which all your bills are merged into one single debt that is paid back through a loan or even by a management program. It comes with a lower interest rate and reduces your total debt in a way that you can pay it off faster. This process is carried on by the debt consolidating companies.

Criteria for Debt Consolidation

Debt consolidation is a financial strategy that can work well for you only when you fulfill some of the criteria, such as:

  • If your credit score is good enough to qualify for a debt consolidation loan at a lower interest rate or to get a 0% credit card.
  • When you have a plan of not getting any other debt.
  • If you are tired of looking at your cash flowing towards repayment of the loan and want to cut down your current interest rates.
  • Most importantly, when your debts are less than half of your total income.
Debt Consolidation
Disadvantages of Debt Consolidation

Debt consolidation can also be a bad idea when you look into some of the below facts of it:

  • Debt consolidation does not guarantee you with lower interest rates.
  • When you get to pay lower interest rates, your term for the loan repayment is increased. It is never a quick solution.
  • Debt consolidation does not mean that your debts are eliminated.
  • It is not a good idea when you owe a huge number of loans.
  • On missing any payment to the debt consolidating companies, they may revoke all concessions made to you.

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Applying Does NOT Affect Your Credit Score

CashAmericaToday is registered with the Utah Department of Financial Institutions to offer consumer credit services. When you submit your application to us online, it will be processed just as if you had submitted it in person, establishing Utah as the jurisdiction for the negotiation, execution, and fulfillment of all applications and agreements. If your application is approved, the funds will be disbursed from our account in Utah. Please note that Utah's laws governing consumer loan agreements may differ from those of your home state. It is the applicant's responsibility to adhere to all statutory requirements related to obtaining internet loans in their state of residence. Please be aware that this service may or may not be available in your specific state, and loans are not offered in the state of Michigan.

CashAmericaToday is a brand of Silver Financial Capital. The purpose is to meet your short-term borrowing needs, not long-term financial needs. Please note that this is an expensive form of borrowing. The loans and lines of credit may be used for whatever reason you need, like unexpected emergencies, car repairs, medical bills, or travel expenses. In addition, alternative forms of financing like credit card cash advances, personal loans, and home equity lines of credit might be more affordable and better suited to your needs.

CashAmericaToday does not perform any credit checks through the three major credit bureaus Experian, Equifax or TransUnion. We collect required information regarding debtors' creditworthiness from a third party source.

Approval time depends on the authenticity and verifiability of your documents. You might be requested to provide further information if required. Note that we do not approve all the loan requests. On the basis of state laws and your repayment ability, the terms and rates may vary. Any loan requested on Friday after 6:00 PM CST will be processed on the next business day, usually Monday- unless it is a holiday.

Should you have any doubts, please call our customer support at (855) 840-5688, Monday- Friday: 7:00 AM to 4:30 PM (CST) or email to

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