If you're juggling a payday loan, two store cards and a credit card, you're paying five different rates on five different dates. A consolidation loan pays them all off today and replaces them with one fixed payment at one rate — usually a lower one.
A Jacksonville customer's balances last spring, and the same debt after a $4,200 consolidation loan at 29.99% APR over 24 months.
| Debt | Balance | Payment | Rate |
|---|---|---|---|
| Payday loan (renewed 3×) | $500 | $54 / 2 wks | ≈ 280% |
| Store card | $1,100 | $45 / mo | 29.9% |
| Store card | $650 | $30 / mo | 26.9% |
| Credit card | $1,950 | $60 / mo | 27.4% |
| Debt | Balance | Payment | Rate |
|---|---|---|---|
| Bears Lending consolidation | $4,200 | $234.85 / mo | 29.99% fixed |
Monthly outlay drops slightly, but the real change is the payday loan renewal — $108 a month in fees — is gone, and every payment now reduces principal. Total interest over 24 months: $1,436.
Consolidation only works if the old balances actually close. That's why we pay them directly rather than handing you the cash.
Enter each debt with lender, balance and account number. Payday loans, store cards, credit cards, medical bills all qualify.
Soft inquiry. You see one APR, one payment and one payoff date next to your current totals. Accept only if it's better.
On acceptance we send payment to each lender directly and confirm each account is closed or at zero.
Fixed payment, fixed date, fixed end. Pay extra any month to finish early with no penalty.
Consolidation loans are priced on the personal loan scale where credit allows, and on the bad-credit scale where it doesn't — you see which before accepting.
| Credit band | APR | $4,000 / 24 mo | Total |
|---|---|---|---|
| 660+ | 17.99–28.99% | $199–$220 | $4,776–$5,280 |
| 600–659 | 29.00–35.99% | $220–$234 | $5,280–$5,616 |
| Under 600 | 59–79% | $278–$322 | $6,672–$7,728 |
Maximum $5,000. Direct payoff to up to 6 creditors. No origination fee.
| Credit band | APR | $4,000 / 24 mo | Total |
|---|---|---|---|
| 660+ | 17.99–28.99% | $199–$220 | $4,776–$5,280 |
| 600–659 | 29.00–35.99% | $220–$234 | $5,280–$5,616 |
| Under 600 | 59–79% | $278–$322 | $6,672–$7,728 |
Maximum $5,000. Title pawn balances can be included.
| Credit band | APR | $4,000 / 24 mo | Total |
|---|---|---|---|
| 660+ | 17.99–28.99% | $199–$220 | $4,776–$5,280 |
| 600–659 | 29.00–35.99% | $220–$234 | $5,280–$5,616 |
| Under 600 | 69–99% | $293–$350 | $7,032–$8,400 |
Maximum $5,000. Age 19+.
Consolidation makes sense when the new APR is below the weighted average of what you're paying now. If it isn't, we'll tell you — the offer screen shows both numbers. Loans subject to approval, state law and your written agreement.
Consolidation clears the accounts, not the habit. Customers who close or freeze the paid-off cards finish the loan; those who don't often end up with both.
A single $500 payday loan renewed every two weeks is the most expensive line on most people's list. Here's what a year of it looks like next to consolidating it.
Each renewal costs $54 in Florida. After a year you've paid $1,404 in fees and still owe the original $500. Nothing you paid touched the principal.
Payment about $49 per month. After a year the loan is gone. Total interest: about $84.
Consolidation funds go to your lenders, not to your account. This is deliberate: it guarantees the old balances close, and it lets us include the payoff confirmations in your file. Any small remainder is deposited to you.
If you have good credit, a 0% balance transfer card is the main alternative. Here's the trade-off.
| Feature | Consolidation loan | 0% balance transfer card |
|---|---|---|
| Who qualifies | Score 550+, income-based | Score 690+ typically |
| Payday loans included | Yes, paid directly | No — cards only |
| Rate | 17.99% – 79% fixed | 0% for 12–18 mo, then 22–30% |
| Fee | None | 3 – 5% transfer fee |
| Payoff date | Fixed | Only if you pay it down before the promo ends |
| Funding | 2 – 5 days to creditors | 2 – 3 weeks |
With a 690+ score and only card debt, try the transfer card first. With payday loans in the mix or a lower score, the consolidation loan is the tool.
I was paying $108 a month just to keep a $500 payday loan alive. The Jacksonville store rolled it and two store cards into one $3,100 loan. Same monthly outlay, but it actually ends — 18 months from now.
Skeptical because the last place gave me cash and I spent some of it. Bears Lending paid each card themselves and emailed me the zero-balance letters. One star off because the payoff took five days, not two.
Specific to this loan. For everything else, see the full FAQ.
Payday loans, title pawns, store cards, credit cards, medical bills and other installment loans — up to six creditors and $5,000 total.
We pay your creditors directly and confirm each balance is cleared. Any remainder goes to you.
Usually, and it always gives you a fixed payoff date. The offer screen shows your current total monthly outlay next to the new payment so you can compare.
Around 550 or above. Your score sets the APR band; income and current obligations decide approval.
A soft inquiry to see the offer, one hard inquiry if you accept. Closing paid-off cards can raise utilization briefly; the fixed payments reported monthly usually more than offset it within a few months.
Offer in minutes. Payoffs to creditors within 2–5 business days of acceptance.
Yes, any month, with no penalty.
We pay your payday loans and cards directly. You get one fixed payment and a payoff date. Soft check to see the offer.
Photo ID · SSN · proof of income · a statement for each debt · active checking account.
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