Payday loans are extremely popular these days, as more people than ever before are looking to get their hands on short-term cash so they can pay the bills.

The way payday loans work is simple. You apply for a small amount at a website such as and if approved the money is transferred to your bank account that very same day.

You then have a certain time-frame in which to pay the money back, which is usually scheduled around the next paycheck from your employer.

Make no mistake about it, millions of people use payday loans every year, and the vast majority of these people do so with no problems at all.

Unfortunately, there are a minority that get themselves into trouble with payday loans. If this is you, then don’t feel bad about it, as sometimes your situation gets so out of control that it can be hard to think straight.

If you have multiple debts and are really struggling to pay them all off, then consolidating all of your loans could be a life saver.

Quite simply, once you consolidate, then you will have only one lender to deal with, which will instantly make the whole process a lot more clearer and straight forward.

Also, there is a high chance that your monthly payment will be very affordable, so you can easily meet the payments without feeling stressed out and worried all the time.

Is payday loan consolidation right for you?

The best way to find out the answer to this question is to speak with a credit counselor. They can take a look at your situation and then advise you of the best way forward.

While consolidating payday loans is the right solution for many people with multiple debts, in some cases it can be the wrong decision. This is why consulting with an expert is always a good idea before you do something that you might regret later.

Stop taking out payday loans

Once you have consolidated your payday loan debt, it’s important to stop taking out payday loans in the future. If you begin the cycle again, then your situation will only get worse, and eventually you may be faced with bankruptcy.

It’s a good idea to start taking control of your long-term financial situation. Look at ways you can cut your expenses, while at the same time increasing your income.

Also, make sure you save a certain percentage of your income every month, so you begin building emergency savings which can be used when you are desperate for cash.