There are some situations that may require you to take out a short term loan. While these loans may meet your need for urgent cash, you will generally need to repay these loans from your next paycheck. If you are unable to make your repayment on time most lenders will allow you to extend this by a further month, but the problem is that at the same time you will accumulate additional interest which may end up being rather costly. In these situations a payday loan debt consolidation may help.A payday loan debt consolidation loan can help you refinance the balance of your debt. This payday loan debt consolidation will be taken out at a lower rate of interest and enable you to repay the debt over a longer period of time. This may be something that is more manageable for your budget.A payday loan debt consolidation can be obtained through many lenders but there are some lenders who do specialize in payday loan debt consolidation. They will negotiate with the payday lender on your behalf and arrange to pay out the balance of your short term loan for you. The other advantage of a payday loan debt consolidation is that these loans will even cover the cost of any additional fees and charges that the initial loan has attracted because of late payment.For many people, a short term loan is obtained because of their need for urgent cash. In these situations borrowers may not have been able to afford the time to wait for a more conventional loan. In some instances borrowers will have been aware of the need to obtain a payday loan debt consolidation even at the time of applying for their loan. For these people, they would have begun the process of applying for a payday loan debt consolidation almost immediately after obtaining their short term loan thereby avoiding the late fees associated with them.When you take out any form of debt consolidation it will obviously mean that you will need to factor in the monthly or fortnightly repayments of this loan into your household budget. There are many online calculators that can help you with establishing a workable budget so that you can avoid financial hardship in the future.Payday loans have always been designed to be short term loans. The balance of these loans is expected within a month and therefore before you take out any sort of cash advance loan you do need to consider realistically how you are going to repay this loan from your next paycheck. If for any reason you do not feel that you will be able to meet this payment by the due date you should begin looking into your options in regards to debt consolidation. This is because you will be charged very high fees if you do not repay your finance by the due date and consolidating your cash loan as soon as possible will help you avoid these costs.