Yes, it’s totally possible to consolidate all of your payday loans together into one convenient loan. There are really two choices here: either a payday loan consolidation loan or an individual payday loan consolidation. Very often people refer to their payday loan consolidation as a debt consolidation payday loan simply because it’s used for very personal expenses. However, if you’re going to use it for debt consolidation purposes, then it makes sense to be specific about what kind of personal expenses you’re going to cover with the loan and which ones you’re going to ignore. If you just say “I need a payday loan” without being specific about what you plan to do with the money, then you will just be wasting your time trying to consolidate payday loan debt assistance.
There are two main advantages to payday loan consolidation: one, lower interest rates and two, fewer bills to pay. These are certainly important advantages, but they’re not the only pros or cons associated with payday loan consolidation. There are plenty of cons and upsides, too. In fact, these are pros and cons that apply whether or not you’re taking out a debt consolidation mortgage or an individual payday loan consolidation. (You should read our articles on both types of borrowing to get a better idea of what kinds of offers are out there.)
So which is right for you? Ultimately, it depends on your situation. One of the pros to debt consolidating your payday loan is the lower interest rates. Consolidation loans generally have much lower interest rates than individual loans, even in today’s tough lending environment, so this is definitely a pro. The second pro to payday loan consolidation is fewer monthly bills to pay, especially if you consolidate with an online lender. Finally, consolidating means you’ll usually get a more affordable monthly payment than you would by writing several checks each month.