A consolidation loan could be an option, but if you had the income and credit to qualify for one, you likely would not have sought a payday loan.
Once you are behind on a payday loan, your options are very limited. A first step is to check with your state's financial regulator to make sure the loan you took out was legal in your state. Some states don't allow online payday loans, for instance, though that doesn't stop lenders from doing business in the state. There are also states that cap the total amount of interest you can be charged over the life of the loan. Make sure that you don't pay more than you are legally requited to pay.
Another resource you may want to explore is a peer-to-peer (p2p) loan. P2p loans are, as the name suggests, loans between people that are mediated by a third party. In some p2p loans, the borrower writes a proposal and investors choose whether to fund the loan. In other p2p loans, an intermediary funds the loan, combines the loan with others, and sells shares in the loans to investors. Two companies offer peer-to-peer loans: Prosper and Lending Club.
Consider a p2p loan as an alternative to bank financing.
Bills.com also offers more information on the Payday Loan Information page, and has answered reader questions about payday loans in California, Florida, Illinois, Massachusetts, Missouri, New York, Texas, and Virginia.
I hope this information helps you Find. Learn & Save.