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Hi, I know it's a familiar story on here but I do not know what to do. I owe about $2300 on six payday loans. I am currently overdrawn at the bank and two companies say they are going to keep resubmitting the charges, which just adds up to more service fees and more debt on my end. Does anyone know if there is a reputable company where I can put ALL of these loans into one loan? I do not have good credit, either; credit score of 511 as of today.
You can consolidate your six payday loans into a single monthly payment only the loans are licensed in your state. This is because consolidation is applicable only for legal loans. If the lenders are not licensed in your state, then you owe them nothing more than the principal balance. No interest, no fees. In this case it would be better for you to close down your old bank account and open a new one to stop debiting money from your account.