Payday loans should be easy to pay off if you are earning well enough. But when you’re juggling multiple payday loans and due dates, it becomes easy for you to fall behind on a payment and have several fees and penalties added to the loan amount.

With payday loan consolidation, you have a fair chance of paying off all your payday loans at once without having to worry about multiple due dates and high-interest rates.

What is Payday Loan Consolidation?

Payday debt consolidation merges multiple payday debts into a single loan which is payable once. The result is a lower interest rate and a more flexible payment schedule.

Consolidation makes it easier for you to keep up with the payment. It is also more economical, that is if you have more than one payday loan to worry about.

There are several payday loan consolidation companies with competitive interest rates and loan terms. This makes picking the right company a tedious task.

When searching for a payday loan consolidation company, make sure you go for the one that is accredited and reputable. Also, ensure you go through the terms of their loan and get acquainted with all their fees and penalties before finalizing the deal.

Fortunately, there are many companies who offer payday loan consolidation without attaching extra fees for late payment and loan processing to it. This makes it easier for borrowers to repay their loans.

Below, we have listed several payday loan consolidation companies to consider in your search for the perfect company with the right features that suits your needs.

1. National Debt Relief

National Debt Relief is considered to be one of the best debt consolidation companies. Several tens of thousands of borrowers who have used their services can attest to this. It has also been ranked as the best debt consolidation companies by many review websites.

With National Debt Relief, you can get a loan as high as $100,000. For those with a bad credit score, it could be the best payday loan consolidation company to consider. Its loan period is between 24 to 48 months which is enough time to repay your loan.

The company doesn’t charge any upfront fees however, you begin to spend when your debt has been reduced. Depending on your debt, you can be charged a fee of 18 – 25%. This could be quite high if you owe a lot and will significantly increase the cost of your loan.

2. Lending Club

Lending Club is one of the largest and most reputable lenders in the market. With over 3 million customers and more than $40 billion borrowed they boast of a profile that is matched by only a few consolidation companies.

Lending Club interest rates range from 6.95% to 35.89%. Your interest rate will depend on your credit score, credit history, and debt-to-income ratio.

Although Lending Club is one of the best payday loan consolidation companies to try, you will have to consider its numerous fees and penalties first before settling for the company.

Lending Club doesn’t request for down payment or prepayment before approving a loan and disbursing funds. However, it charges origination fees and late payment fees.

Its origination fees range from 1% to 6% of the loan amount while its late payment fee is 5% of the unpaid amount. This will definitely make borrowers more serious about paying back their loan but it will also increase the total cost of the loan in the long run.

Additional fees include check processing fees and several other fees which depend on the loan terms you go for.

3. Lending Point

Lending Point might not be the best when it comes to fees and penalties but it makes for a great choice if you have bad credit and in need of a payday consolidation loan.

With a minimum credit score of 600, you can get a loan amount between $2,000 and $25,000. Its other qualifications include a minimum annual income of $20,000 and a debt-to-income ratio of less than 35%.

Lending Point loan period is between 2 and 4 years. The funds can be disbursed within the next day. This makes it a good choice to consider, however, its fees and penalties significantly raise the loan amount.

First, its origination fee is quite high at up to 6% of the loan amount. It charges a late payment fee of $30, however, this will depend on the period in which the default occurred.

Its interest rates are also high at 15.49% to 34.99%. This could be due to the fact that it accepts borrowers with low credit scores.

4. Lending Tree

Lending Tree is another payday loan consolidation company with a very good track record. Since its establishment, it has served more than 10 million clients with over $6 billion in funds disbursed.

Lending Tree loan amount ranges from $1,000 to $50,000 with interest rates as low as 2.97%. However, you could see an interest rate as high as 29.9%. Once again, your credit score and credit history comes to play.

Lending Tree might be the best, but if you have a credit score lower than 680, you could find yourself paying a lot as interest while another borrower will pay just half simply because they have a better credit score and history.

5. Upgrade

Upgrade is another payday loan consolidation company that attracts borrowers with the promise of payday loans even though they have a bad credit score.

Upgrade accepts a minimum credit score of 620, however, you would want to apply with a credit score higher than 650 to increase your chances of getting a loan.

Its other qualifications include a minimum monthly free cash flow of $800 and a maximum debt-to-income ratio of 60%. Upgrade charges origination fees which are 1% to 6% of the loan amount. It also charges late payment fees after giving a 15-day grace period to the borrower.


Consolidating your payday debts will make it difficult for you to take another payday loan in the future, however, it will make it easier for you to pay up multiple payday debts without having to worry about multiple due dates.

Settle only for an accredited and reputable company that will offer you the best rates and services.

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