If you’re in trouble of getting to your next pay check because of payday loans, you should consolidate payday loans right away. Payday loans are intended to be paid back within a few weeks (after your next paycheck arrives) after you get it. But payday loan services may also allow extensions on your payoff period, particularly if you’re unable to settle your debt by the given date. This is why you should only consolidate your loans once if you really can’t afford to wait until your next pay day. This link
Payday Loan Debt Consolidation – Offering Immediate Debt Relief
The simplest way to consolidate your payday loans is to follow the same procedure that you follow when you consolidate all other debts. First, search for a lender who offers this type of service. Some payday lending companies allow you to consolidate payday loans online; however, you must fill out applications and agreements via phone or through the mail, not online. Next, contact each lender one at a time and explain your situation: how much do you owe, where are your debts located, what payments are you able to make, and so on. Each company will evaluate your situation and give you a quote on how much you’ll have to pay back. You’ll then choose which company you’d like to do business with and sign the contract (although the terms will vary depending on your lender and the specific debt agreement).
If your situation isn’t quite as bad as those described above, you may still want to consider a home equity loan or personal loan. Unlike a payday lending cycle, the interest rate for a home equity loan or personal loan is usually fixed; this means that you’re not going to deal with variable rates. And if your home equity loan or personal loan have an expiry date (typically around two to four months after you receive it), you’ll be able to extend its duration by simply repaying the outstanding amount and reclaiming any interest you’ve paid. This way, you can slowly pay down your debts while paying less interest over the long run.