There are several debt relief options that can help you pay off payday loans, including debt consolidation, credit counseling, debt management planning, and more. Debt consolidation is a popular form of debt relief that uses a personal loan to consolidate payday loans into a single monthly payment.
When you consolidate payday loans to get out of debt, you’re minimizing the amount of time spent managing multiple loan payments. And that means you’re more likely to pay off payday loans quickly and miss fewer payments in the process. A debt consolidation loan can also help lower your interest rate if your credit score qualifies you for a more favorable rate than your payday loans.