Buried in Payday Loans. What Are Our Options With Poor Credit? – Jaime

“Dear Steve,

My husband and I are currently buried in 4 different payday loans which is costing us over $1200/month. The sick part is…without these ridiculous payments we would be doing just fine. It is so frustrating that we allowed ourselves to get into the situation in the first place. I saw your advice about Lending Club and wanted to get your thoughts on our eligibility. My husband and I dont have very good credit and have been working to repair the damage we have done over the years. We are a family with 3 kids and all I want is for this to go away and have security for us and our children and to just be able to breathe and finally buy a home for us. Thanks for any advice…this is an amazing site. Thank you for your time and your help.

What are our options for consolidating our payday loans and lowering payments? With poor credit, would we be eligible for something like Lending Club?

Jaime ”

Dear Jaime,

If you have poor credit it is statistically unlikely you will be approved for an unsecured debt consolidation loan. I think you are going to have to consider other options.

I’d suggest you first read How to Get Out of Debt. The Honest and Unvarnished Truth and The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy. They will give you a great overview of what we need to deal with to get you moving in the right direction.

Then use the free How to Get Out of Debt Calculator to review your options.

Once you’ve identified a company you want to work with, then follow my step-by-step guide on how to check out a debt relief company.

Please post your responses and follow-up messages to me on this in the comments section below.

Damon Day - Pro Debt Coach

Leave a Comment