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What is payday loan consolidation?

Payday loan consolidation can help reduce a payday loan borrower’s monthly installments, and in some cases, the total amount owed. Consolidation works by bringing together multiple payday loans of a borrower and combining them into one loan.

Loan consolidation simplifies the life of the borrower as he/she has to only make one monthly payment to the loan consolidation company. That company then pays out the relevant installments to each individual payday loan company from whom the borrower had originally borrowed.