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has anyone ever used a payday loan consolidation program to pay off multiple payday loans?

I’ve gotten myself into a bit of trouble by borrowing first from one payday loan center, then another, and now i’m up to 5 different places. I am putting myself further and further in debt because i feel like i am working to pay the fees. I want to consolidate but concerned if it is a good idea. Please help!!

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  1. Michael M says:

    I used to work for the pay day loan place.
    Usually you can only get 2 in a year.
    Do not use them to consolidate as they charge too much.
    Borrow against your 401K. Go to a bank and see if you can get a signature loan to resolve this debt. And if you have a car, a title loan.
    Then pay it all off as fast as possible.
    sorry this is not great but most help I can give you

  2. Badonkadonk says:

    Please, please, PLEASE whatever you do…DO NOT take out another loan to pay off payday loans! You cannot get yourself out of debt by creating more debt!

    Most of those “payday loan consolidation” places are a scam created by the very same predatory payday lenders themselves! You will find that they will not only take your money, but none of your payday loans will be paid off and you will end up in even worse financial condition.

    I, too, was caught in the multiple payday loan cycle for 2 years. The best thing you can do to get yourself off the payday loan treadmill is to close your bank account and start all over. Go to a completely different bank, open a new account, and switch your direct deposit to your new bank BEFORE the next cycle of payday loan debits start hitting. Also close the bank account before those payday loan debits so that you don’t face NSF charges from your bank. If you can’t get a new bank account, then just switch to live paychecks until you clean up your credit…check cashing fees would still be far less then what you are paying in bogus 400% annual interest charges to payday loan sharks. You will begin to think more clearly and rationally once you have actual control over your WHOLE paycheck. Send letters to each of the payday lenders revoking any wage assignments, ach authorizations, etc. Most importantly, don’t ever give out your new bank account info to a payday loan company again…under any circumstances. Find out if the payday lenders are even legal in your state and study your local payday loan laws to see what your consumer rights are. Don’t worry about closing your account and walking away from this mess temporarily…in most states, you cannot be prosecuted for unsecured debt. The most they can do is call and harass the crap out of you. Don’t listen to their threats…they are all empty and they know they can’t do anything to you. Once you get your money back in your hands, you re-gain the control back from them. You can set payment plans with them on your terms. Make a vow to yourself to never, under any circumstances, allow anyone else to control your money/livelyhood ever again.

    Visit the forums at to get completely free help, advice, letter templates, and contact info from others who have suffered with the same financial stress you are going thru.

    Best of luck to you! Stay strong and stand your ground!

  3. sachin agg says:

    I read this response and I felt compelled to weigh in on my own experience with Pay Day Loans. Around this time last year, my wife was injured on the job and we were bombarded with medical bills while waiting on reimbursement from our insurance. We were in a position where we could not afford to buy Christmas presents for our family and children.

    I did some research and came across payday loan company called that offered a good rate if you paid it off in a timely manner and do not treat it as a long-term loan. Pay day loans are not for consolidation, but rather a quick fix in a tight financial situation. Many recipients of these loans would not qualify for credit anywhere else, including myself.

    Since I paid off the loan within 30 days of initiating the contract, the rates and fees were surprisingly reasonable. I often hear of this industry receiving negative attention or deemed “predatory”, however, it is often the recipient of the loan that does not understand how to utilize it properly.

    Not many industries would be profitable if their business model was to bankrupt people. Many states regulate these loans and the conditions are clearly stated upfront upon agreeing to the contract. The rules and regulations that apply to the industry have changed a lot over the years.

    In the end, it was very satisfying on Christmas morning to see my children enjoy the holiday. It certainly was not their fault that our money was tied up. I am grateful that a payday loan helped me in that situation.

  4. Manoj says:

    A consolidation loan is a loan that gives you money to pay off several smaller loans. These loans will have set terms with a monthly payment amount, and generally have a set interest rate
    Payday loans can create a cycle of borrowing over and over. The fees for the loans are quite high and make it difficult to catch up and break free of the payday loan cycle. Consolidating your payday loans into one loan with a set monthly payment may be one way to break free of the payment cycle.

  5. Ali Ice says:

    This was excellent advice on the payday loan predators and it gives reassurance that ur life is not over just because you fell down and had too use a loan shark for a temp fix that became a long term problem. Good advice and God Bless.
    To Badonkadonk

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