can i consolidate my 4 pay day loans i can pay my rent and buy food

UPDATED: May 28, 2009

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can i consolidate my 4 pay day loans i can pay my rent and buy food

i have 4 different pay day loans can i consolidate them int one small monthly payment? i can only pay them by refinancing them until i can no longer can then do a paydown and pay finance fee until its zero balance i live in brooklyn ny they come out my checking account every two weeks

Asked on May 28, 2009 under Bankruptcy Law, New York


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

This isn't a legal question, because the answer is that *legally* you can consolidate them--you just need to find a lender who will do it for you. However, as a practical matter, it may be very difficult to find a lender who will consolidate or refinance 4 pay day loans and give you good terms on it. After all, if you've taken multiple pay day loans and are having trouble paying them, you may be a bad credit risk.

You need to talk to a good credit counselor--and use a reputable nonprofit agency which does NOT charge you a fee for the consultation--to see what your options are. If you don't have alot of assets, such as if you rent instead of owning a home or property, don't own a car, and don't have much in the bank, you might need to consider bankruptcy as a way to get to out from under these loans. Yes, bankruptcy will hurt will credit, but so will defaulting on loans.


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