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What are payday loan consolidation companies and what are they good for? We all know the concept of pay day loans. You make a short term loan to tide you over until your next pay check. But sometimes you cannot repay the loan as promised and you make some others pay day loans to cover that one or at least a part of it. This can go on ad infinitum. Other times it is just one payday loan that you have and cannot repay when it is due.

Payday loan consolidation companies will take your payday loans and lump them into one giant debt and help you to pay them off a month at a time. They will do the same if there is only one pay day loan involved. The debt consolidation company will contact the cash advance loan company and tell them you have come in to consolidate your debt with them. They will work out a payment schedule which will almost always be less than the amount that would have to be repaid in one lump sum and the interest will also be at a lower rate. If you make your payments to the debt consolidation companion on schedule, then your debt will be repaid. If however, you fall behind in the payments to the debt consolidation company your debt with the payday loan company will remain in force.

You should keep in mind when making your pay day loan that this is a loan for a short term and you have made an agreement to repay that loan, principal and interest, by or on a certain date. If you cannot repay it by that date then some loan companies will extend the time for repayment at a much higher cost to you. When you have made such an agreement with your creditor, the loan company, than that is the time to talk to a payday loan debt consolidation company to help you make arrangements for smaller payments and lower interest. It is understandable that a short term loan is made because of some financial difficulty and it is also understandable when help is needed to repay that loan.