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Can you get a consolidated loan to pay off some payday loans?

michaelmcquaid@ymail.com asked:

I owe 8 payday loan companies and have bad credit. Would companies be able to still get me a consolidated loan to payoff the payday loans?
Asked on: 2007-10-06 15:00:34

2 Comments

  1. stopccdebt says:

    No legitimate company will lend you money in that type of situation as long as you have bad credit. Payday loan companies consistently charge double the rate most loan sharks charge.

    You need a short term boost in income to eliminate those payday loans. A second job could help until you repay it all. Most importantly, don’t take out payday loan #9.

  2. Keeping yourself circular inside the payday loan cycle will drag you into overwhelming and stressful debt issue. The only solution is finding a way out of it by breaking the payday loan cycle. Beside, working out your own ways to pay off the loan as soon as possible, you can get help and guidance from professional such as consumer credit counseling service.

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