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What is debt consolidation?

Consolidating debt refers to the consolidation of multiple debts, such as credit cards, high-interest loans, and other bills, into one monthly payment. Consolidating debt can lower your interest rate. This will help you save money, reduce your monthly payments, and get rid of your debt faster.

ConsolidationNow offers debt consolidation services

ConsolidationNow has a variety of debt consolidation programs to help you achieve your financial goals.

Balance Transfer

Transfer maximum credit limit
You can transfer high-interest debt using credit cards, store cards, loans and other means and get a low promotional rate.

Personal Loan

Borrow up to $35,000 starting at $2,500
A consolidation loan can help you save money by locking in a fixed rate of interest. No collateral is required, and there are no origination fees.

Home Loan

Get a loan starting at $35,000 and ending with $200,000
You can consolidate or refinance your debt using the equity in your home. There is no need to close and meager fixed interest rates.

Student Consolidation Loans

Refinance student loans
You can choose between a fixed or variable rate of interest with no fees. Flexible terms can lower the monthly student loan payments.

Consolidating debt is a good idea

Take a look at these examples to see how debt consolidation can help you get control of your finances.

You may be able to reduce interest costs.

  • A consolidation loan may allow you to lock in a lower rate of interest
  • With a balance transfer, you can get a low promotional APR credit card

Consolidate your monthly bills

  • Streamline and simplify your finances
  • Consolidate your debt to make smaller monthly payments

Eliminate debt faster

  • Spend less on interest
  • Reduce your principal as soon as possible

Repay your debts over time

  • Select your balance transfer or loan term
  • You can create a monthly payment schedule that works for your needs

Here’s how it works

  • Choose which debts you want to pay off

Consolidate credit cards and store cards, gas cards, and medical bills. You can also consolidate federal student loans and private student loans.

  • Your balance transfer and loan offers.

Compare the different debt consolidation programs available and choose the one that suits you best.

  • Reduce your debts

As you reduce your debt, we can help you set a monthly payment that you are comfortable with.

Which is better: a consolidation loan or a balance transfer?

There is no one solution for debt consolidation. We offer solutions that will help you consolidate debt in a way that suits you.

Consolidation loans

A consolidation loan allows you to choose the amount and repayment terms that work for you. With a ConsolidationNow Personal loan, you can borrow up to $35,000 and up to $200,000, respectively. With a ConsolidationNow Student Consolidation Loan, you can combine federal and private student loans into one new loan.

Once you are approved, you will be able to pay off your consolidated debt by making monthly repayments according to the loan repayment terms.

Balance Transfers

A balance transfer is a solution offered by your credit card. A balance transfer allows you to pay off other loans or credit cards using your credit. These debts are then combined and added to the credit card balance.

You get a promo rate of 5% for a limited time when you balance transfer. You may have to pay a transfer fee depending on the offer.

Payday Loan Consolidation 

One of the most damaging types of debt is payday loan debt. The loans are very easy to obtain. The loans are usually approved without a credit check and can be obtained in just minutes. This is all good, except that they can ruin your financial situation. 

These loans can make it hard to pay other bills because of the high finance charges. Your credit score could be affected if you are unable to pay your other bills. Sometimes you will need to get another payday loan to pay off a previous one.

This article will explain how to consolidate payday loan debts and use personal loans with lower interest rates to repay payday loans.

What is a Payday loan?

Payday loans are advances on your next paycheck, usually $500 or less. They can be used to pay for expenses or other emergency funds. These short-term loans don’t require credit checks and are easy to obtain. Your credit score is what tells lenders how risky you are as a borrower. 

The higher the risk the lender accepts, the higher the interest rate you will have to pay. Payday lenders bypass credit checks and assume that these loans are too risky. Payday lenders charge high-interest rates to make a profit.

Payday loans and finance charges

Finance charges can reach as high as $30 per $100 borrowed. The national average rate is $10-30 per $100 borrowed, with a maximum borrowing limit of $500. Although this might seem like a 30% interest rate, because the loans are due the next payday, the annualized rate is often more than 400%. A $500 loan of $500 will cost you $2,000, with 400% interest.

Due to these financial charges, the majority of people are unable to repay their debts. Only 14 percent of payday loan customers can afford to repay their loans, according to Pew Charitable Trusts. For 27% of payday loan customers, the loans result in checking account overdrafts, resulting in yet another significant expenditure.

Payday loans and your credit score

Payday lenders don’t usually report to credit bureaus. How can a payday lender affect your credit score? Payday lenders won’t report late payments, so you lose the opportunity to improve your credit score. Because these payments are so high, people often miss other payments to creditors that report to credit bureaus. If you don’t pay the payday lender on time, they will transfer your loan to a collection agency. This will affect your credit score and show up on your credit reports.

Only a few borrowers can pay the payday lender on their next payday. It usually takes several paydays. How do you manage to make ends meet while making high-priced payments and trying not to pay for everything else? Many people end taking out payday loans more often. 

This can lead to you getting deeper into debt, which will affect your credit score and financial situation. Avoid payday lenders at all costs. Talk to your lenders first if you are in financial trouble and feel tempted to take out a payday loan.

Consolidation of Payday Loans

A debt consolidation program combined with a personal loan is an excellent idea if you have multiple payday loans. Consolidating debt allows you to combine high-interest loans and get a single loan at a lower rate. It’s a smart idea to consolidate your payday loans into one loan. 

You can combine your payday loan and other types of debt, such as credit card debt, with debt consolidation. Personal consolidation loans can also be reported to credit bureaus, which is another advantage of loan consolidation. It’ll improve your credit score and credit score if you pay your bills on time.

You can still get a personal loan even if you have a $500 payday loan. However, you will need to borrow at least $1,500. The payday loan should be paid off, and the remaining balance used to consolidate debt.

The personal loan is at 30% annually. This rate is usually reserved for people with poor credit. The personal loan is nearly $740 cheaper than the payday loan, $1500 versus $500.

You could use any remaining cash to pay off your personal loan if you have payday loans. In that scenario, the amount you would pay for a personal loan would be lower than the one above. There is no competition. A personal loan is better than a payday loan if you can get it even at a high-interest rate.

Personal loans are not an option. You might be able to get a lower interest rate. Shop around to find the best deal.

Benefits of consolidating payday loan debt

A personal loan consolidating payday loans has many benefits.

  • Instead of making multiple payments per month, you will only make one payment.
  • Lower fees will be charged. Personal loans are typically between 4% and 36%.
  • The repayment terms are more flexible. Personal loans can be paid over 12 to 64 months. Payday loans are due in full the next payday. Instead of paying the entire loan at once, you pay a portion each month. This will prevent you from getting a new loan each payday. Your account will be closed once you have paid off the consolidation loan.
  • You will have predictable payments. You will have a fixed rate of interest so that your monthly payments are predictable over the loan term.

Payday loan consolidation carries risks

A personal loan can be used to consolidate payday loans. However, there are some downsides.

  • It is possible to default on loan payments. Although this is a problem with any loan, it’s essential to know the possibility and how it could affect your credit.
  • However, you may still be charged a high-interest rate. Personal loan interest rates range from 4% to 36%. A higher rate than the average for personal loans will be offered to those with poor credit ratings. This is still a lot lower than the typical 400% interest for payday loans.

There are other factors to consider

It is harder to qualify for a personal loan than a payday loan. Unsecured loans can be difficult to obtain. If your credit score is low, the lender may decline you. This is a concern, but it is not the only thing that will be checked. The lender may also make a hard inquiry into your credit which could lower your score. You should look for a lender who will pre-approve your loan application.

Before applying for a loan, it’s a good idea to check your credit. To improve your credit, you might consult a nonprofit credit counseling agency. Some lenders might deny you. Keep trying. A personal loan can greatly improve your financial position.

Alternatives to Consolidating Payday Loan Debt

You don’t have to consolidate your payday loans. Some states require payday lenders to provide relief. A debt management plan, debt settlement, or bankruptcy may also be options. A debt settlement may be possible if you are facing bankruptcy.

Receive an extended repayment period

Payday lenders may be required by your state to extend your repayment period. In around 15 states that allow payday loans with exorbitant interest rates, repayment periods are required. Many states have put a cap on payday loans so that their APRs are lower than those of other higher-interest lenders.


The Consumer Federation of America map gives information about which states have payment plans and lower interest rates. To learn more about your state’s payday loan regulations and relief requirements, you can consult a non-profit credit counselor.

A Debt Management Plan is worth looking into

Many credit counselors offer financial management plans (DMP). A debt management plan is charged, unlike credit counseling. A DMP allows credit counselors to negotiate lower interest rates with your creditors. You then make one monthly payment to the credit counselor, which they use to pay creditors included in your DMP. 

This monthly payment will also include a credit counselor’s fee. The monthly payment for your DMP will usually be significantly less than the combined debt payments before it.

Although DMPs are typically used to pay off credit card debt, they can also be used for other types. A DMP may be an option to pay off payday loans in states with reasonable interest rates or payment plans. This would work like consolidating debt without the loan.

Filing for bankruptcy

Filing bankruptcy is a good option if you are struggling with multiple debts, such as payday loans. If you have serious debt problems, you should only file Chapter 7 bankruptcy. This is because time limits prohibit you from filing bankruptcy frequently. You can file Chapter 7 bankruptcy only once every eight years.

If you wish to keep your home and vehicle, you will still need to pay your secured creditors, such as your mortgage or car loan. Chapter 7 is a good option for those with lots of unsecured debt. However, some debts cannot be discharged. You cannot pay back taxes or child support, and it is rare to get rid of student loans.

A Chapter 13 bankruptcy refers to a plan for managing your debts through the bankruptcy court. This DMP has several advantages over other DMPs.

  • A Chapter 13 may include short-term secured debts such as car loans.
  • Chapter 13 is a way to pay off arrearage for long-term secured debts like mortgages or non-dischargeable debts like child support.
  • Chapter 13 allows you to pay no creditors but still discharge your unsecured debts.

You may be eligible to file your Chapter 7 bankruptcy on your own if you have a straightforward Chapter 7 bankruptcy. Attorney fees can cost as much as the principal of two or three payday loans. ConsolidationNow offers a free web tool to qualified filers. This will allow you to file for bankruptcy without paying an attorney fee. A free consultation is available with a bankruptcy attorney if you are required to file Chapter 13 bankruptcy.

You may want to consult a local bankruptcy attorney if you are being criminally prosecuted because you gave a check on closed checking accounts to payday lenders (allowed in some states). An attorney can tell you whether the bankruptcy court in your region will block criminal prosecution because it is a method to collect a debt. You can view the potential for criminal prosecution by clicking on the map.

People worry about declaring bankruptcy due to the impact it could have on their credit. Although bankruptcy will initially affect your credit, it will eventually improve your financial situation. It clears all your past debts and allows you to rebuild your credit quickly. Most bankruptcy filers see a rise in credit scores within two years of filing. Your credit score will be severely damaged if you are unable to get credit from a payday lender. Don’t let this discourage you from declaring bankruptcy if you feel it is necessary.

Let’s summarize…

Payday loans are not a good idea. Although these loans are not subject to credit checks, they can be very difficult to repay. These loans are not easy to repay. It usually takes several paydays before you can pay off one of these loans. This can lead to a vicious cycle of increasing debt.

Payday loan consolidation is an option to get payday loan relief. Even if the consolidation loan pays 30 percent interest, it’s still better than the payday loan at 400%. Consolidating payday loans is not the only option. Payday lenders are required to provide reasonable repayment plans in many states. This is to get people out of the payday loan cycle. There are other options, such as debt management programs and bankruptcy.



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Personal Finance Writer at Consolidation Now | Website

Tom Harold is a personal finance and insurance writer who has more than 10 years of experience in covering commercial and personal insurance options. He is also determined to beat her brother, who is a financial advisor with intimate knowledge of the field of personal finance. He devotes time researching the latest rates and rules.