If you find out that you are suddenly in debt with numerous payday loan advances with real bad credit it can be extremely difficult to find ways to consolidate the loans effectively. There are some options that you have though, and taking advantage of these options can help you pull together your best solutions for your exact needs. Taking care of your finances is extremely important but knowing the right way to consolidate the loans is even more important. If you have several payday loans out your first impression might be to simply pay off two cheaper loans and obtain a single loan that is more expensive. This is extremely costly and should never be considered. If you are not able to afford the smaller loans you will not be able to afford the larger loan either, which will plunge you further into debt. Assuming that you are working with two smaller loans of only around $100 or so you might be able to acquire a single $200 loan, but the amount you will pay in interest is exactly the same so you are not saving any money at all.
To actually consolidate the 3-month payday loans effectively and save money you need to obtain the money at a cheaper interest rate. If you own your home and have some equity built up you could look into obtaining a home equity loan. This can often be acquired for less than 10% interest and can easily be broken into tiny payments that are easy to make. However, in order to use this method you need to have a home that you own, equity built up in your house and a decent enough credit score in order to be approved. Another option that you can explore is using a cash advance from a credit card. While this is not typically the first method you should consider there are times when the interest rates can be much lower than a payday loan will charge. If you consider this method and do the calculations and determine that it is much cheaper it will be possible to still save money you can feel free to take advantage of it.
In order to really get the cheapest rate you should also consider asking someone that you know for a personal direct-deposit loans. Close friends and family are typically best for this. By putting the loan terms in writing and also offering to pay some interest you can typically find someone who is willing to help you out who can afford to help you out. Before you take this step though you should be aware that it will involve letting others know some of the details of your personal finances and many people are not comfortable sharing these details with their family and friends. Finding a solution to consolidate your Payday Advance Loans really is possible but you need to consider your actions carefully. If you are considering a consolidation of any form you always need to ensure that the interest rate is significantly lower to ensure you can reasonably pay the debt back. Paying an extensive amount of interest will simply shove you further into debt and will not help you to save money at all.