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How does Payday Loan Consolidation Work?

Payday loan debt can be difficult to repay due to high-interest rates and short repayment terms. Payday loans are often converted into cash advances by many people who get them. This could lead to rising interest rates and a cycle of debt.

To repay the multiple payday lenders, A consolidation payday loan can be used. This will help you pay off the high-interest debt consolidation loans. You can combine payday loans with personal loans or other types of loans. To consolidate payday loan debt, you can use the tools provided below.

How do you consolidate your payday loan debts?

Payday loans can be used by people who need immediate cash without a credit check. Because of the high annual percentage rates (APRs) and short repayment terms, payday loans can be difficult for people to obtain.

People who cannot repay their payday loans may apply for a new loan. The cost of rolling over your debt (also called “rolling up”) could be higher. This could make it more difficult for payday loan debtors to repay their debts. Consolidating payday loans allows customers to consolidate multiple, high-interest payday loans into one loan.

The fees and APRs are lower.

Payday loans can have high APRs. This could reach 400 percent for a two-week loan. Consolidating your loan with a different type of loan could help you save money.

Extended repayment terms

Payday loans, short-term or long-term, must all be repaid within two weeks. Payday loans and personal loans can take up to one year to repay.

These steps will help you avoid wage garnishment and delinquency.

Payday loan companies can sue you if you fail to make your monthly payments.

Garnishment of wages

Consolidating debt with payday loans may come with drawbacks.

The smallest amount of money that is possible to be borrowed.

You may be required to borrow more than you can repay to qualify for some financing options.

Higher interest rates on loans

Don’t borrow money to repay a loan if you aren’t able to get better terms.

Consolidating payday loan debt may not be the best option. It would help if you considered other options and the choices you have for consolidating payday loan debt.

The Drawbacks and Benefits of Consolidating Payday Lender Debts


Two types of small-dollar loans are available: PALs 1 or PALs 2.

PALs I: A 200-to $1000 loan that can be repaid within one to six months.

PALs II: A year can see you repay as much as $2,000

Annual percentage rates are 28% and $20 for application.


This option is only available through federal credit score cooperatives. Credit union members must be members for at least one calendar month before taking out loans from PALs I.  PALs II does not follow this rule.

Personal use loan


  • Fixed periods and APR ensure consistent monthly payments.
  • Sometimes funding can be completed quickly, and sometimes within days.
  • Most often, collateral is not required. However, secured personal loans might be available.


  • Low-credit score borrowers may be affected by high APRs.
  • Personal loans start at $1,000 and can go up from there.
  • Card with no annual percentage rate (APR).


  • For a maximum of twenty months, borrowers with a good credit score may be eligible to receive a 0% APR promotional offer for a personal loan
  • A security deposit is not required.


  • To be accepted, you must have outstanding credit scores
  • You will be charged a lower interest rate if you fail to pay the debt cycle by the due date of the 0% interest rate agreement.
  • There are many ways to repay payday loans. Talk to a credit counselor who is not for profit about debt management.
  • You have other options if you don’t meet the requirements to combine payday loans.

Non-profit credit counselors

These organizations offer free counseling and educational materials. These organizations provide low-cost or free services such as debt management. Credit counselors are available to help you weigh your options and recommend debt management strategies that will allow you to pay off your debt quicker.

Go to the U.S. Credit Counseling Agency Directory to find a credit counseling agency that is government-approved. Website of the United States Department of Justice. The Financial Counseling Association of America or the National Foundation for Credit Counseling can help you apply for accreditation.

Ask your lender for an extended payment plan.

Ask your lender about payday loan debt consolidation assistance—members of the Association of Lenders. The Community Financial Services Association of America is a non-profit organization. Personal loan borrowers in financial difficulty may be eligible to receive a no-cost extended repayment plan.

The terms of your extension will depend on where you live. Contact your payday lender for more information. You can apply for a payday loan borrowers extension once a year.

Ask for a loan from family and friends.

Payday loans usually only allow you to borrow a small amount of money, typically a few hundred dollars. You can borrow money from your family and friends if you are unable to repay your payday loan.

You risk losing your money if you borrow money from family members. Your relationship will end if you can’t repay. Trust is the cornerstone of financial transactions among family members and close friends. It is crucial to have a plan in place to repay the borrowed money.


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Jason Rathman