Borrowers who have fewer options often choose short-term loans such as payday loans for quick cash. However, it is never a good idea to take a payday loan to consolidate another payday loan. Not only are the interest rates astronomically high but doing so can set you on a cycle of borrowing that can be extremely difficult to end. If you are struggling to payback your loans and lenders are breathing down your neck, you may consider payday loan debt consolidation as an option. 

What is Debt Consolidation?
 

Short-term loan consolidation involves merging multiple debts into one. This allows you to pay lower interests rates. However, it is a more convenient process and less confusing to pay one company at the end of the month instead of multiple lenders. If you are facing mounting debt, here are a few strategies to help you find the best payday loan consolidation option for you.

1. Compare Rates and Terms

Different Loan providers will offer different terms. You should always do sufficient research to see the option that is most viable and provides loans just tailored for you. In doing so, you might consider:

· Your payment schedules

· Your financial needs

· The option that helps you to save the most

You can always approach a lender and renegotiate terms.

2. Consider Your Outstanding Debts

Your available consolidating options will depend on the amount of money you owe the lenders. The less the amount, the more options you have. In fact, if your debt falls below $3,000 then your credit score is fine and you can obtain consolidated credit, which has no interest for the first 12 – 18 months.

3. Know Your Credit Rating

Always remember your credit score will always determine your lending options. It is, therefore, paramount to get a copy of your credit report to determine your eligibility. If your credit card carries, high balances or you have missed several payments you might want to consider other options. Remember the law entitles you to get a free copy of your credit report every year.

Professional Payday Loan Consolidation

If you are in a constant struggle with your payday loan lenders, worry no more. At Progressive Debt Relief, we have made it our goal to help you with debt consolidation and elimination. We have established connections with different companies, which helps us stand a better chance when negotiating. We have experienced financial consultants who will negotiate and help you settle your debts efficiently, discreetly, and for good. Just when you thought our services could not get any better, we don’t charge consultation or upfront fees. For more information, contact us today.