Many of the emails and phone calls I get everyday are people asking what options they have for getting out from under their payday loan debt.

And the one question I get most is people asking if they can consolidate their payday loans – and the great news I get to tell them is – you sure can.

There are two options for consolidating payday loans, however one of the options may not be available to most people – let me explain.

Anyone can head to their local bank and fill out an application for a consolidation loan, however all banks are going to check your credit rating – and if it is not up to snuff you will in many cases be denied your consolidation loan.

Now if your credit is fine the bank is also going to ask for some collateral to support the loan – the bank manager may like you but they need some sort of insurance that they can get their money back from you one way or another.

Here is the problem with collateral - many people do not have enough collateral to support a consolidation loan – if you have a car or truck that’s great and it may be enough depending on the year and condition.

But if you have lien on your vehicle you can’t use it as collateral – the bank needs something of value with no liens on it.

And because of these two conditions from the banks many people cannot get a traditional consolidation loan, but fear not there is another option that everyone qualifies for.

And that is a consolidation program – unlike the bank you do not need good credit – in fact consolidation companies that offer these programs don’t even do a credit check – how great is that!

Second you do not need any collateral for this loan – because it’s really not a loan. Let me explain.

What happens is the consolidation company contacts all your lenders (they now represent you) and will re-negotiate a new re-payment plan. These new payments will be far lower than you are paying now.

So instead of paying all your lenders – you now pay the consolidation company and they pay your lenders, you’ll never have to see or talk to your lenders again.

Also, the consolidation company will get all the interest and fees stopped on the loans, that’s why your payments will be so much lower, plus you're only going to be making a monthly payment to the consolidation company – not weekly payments to the lenders.

So if you are in the payday loan trap – out of these two options I suggest forget the bank and go with the path of least resistance and find reputable payday debt loan consolidation company – and get the ball rolling today and get out of your payday loan hell once and for all.