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Payday Loan Consolidation

We can consolidate your Payday Loans, Credit Cards, and other forms of debt into one lower monthly payment without further lending. No Credit Check Required.

We recommend for your best success on this program, you include all eligible debts including Credit Cards as we’re a one stop debt management provider and it will simplify your bill-paying process.

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Fill out this form to consolidate your payday loans!

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By submitting your information, you agree to the Privacy Policy. You also consent to receive calls, emails, and text message offers/info from Money Fit by DRS using an autodialer/pre-recorded message at the number you provided if one was entered. You understand that msg/data rates may apply and your consent to such communications is not a requirement for purchase.

We recommend for your best success on this program, you include all eligible debts including Credit Cards as we’re a one stop debt management provider and it will simplify your bill-paying process.

Here are Just a Few of the Major Payday Lenders Money Fit Works With to Consolidate Loans:

Money Fit isn’t a new loan to replace your existing debts. We’re here as your ally, effectively negotiating with your payday loan creditors to lighten your financial strain.

Payday Loan Relief that works!

Money Fit is a national, award-winning nonprofit consumer credit counseling and debt relief service that has helped hundreds of thousands of individuals become debt-free for the last 25 years. We have built relationships with some of the nation’s largest payday lenders to help you obtain financial relief. Our payday loan consolidation program has helped thousands of individuals pay off their loans and get back on track with their finances.

Payday Loan help from an Award-winning nonprofit

You can break the cycle of payday loan borrowing, and we can help. If you’re one of the thousands of consumers that are stuck in the payday loan borrowing cycle, chances are you have multiple payday loans you’re contending with. Our Payday Loan Consolidation services are focused on one thing, getting you out of debt in the quickest and most pain-free manner possible.

payday loan consolidation

How Payday Loan Consolidation works

First, we start with a free consultation and review your situation. We’ll learn about who you owe, how much, and what your overall financial picture is like. We’ll discuss what options we have for assisting you in repaying your payday loans and talk about how relying on payday loans can be avoided so that you truly break the expensive and stressful cycle of payday loan debt.

Debt Consolidation for Payday Loans

Once we determine that we can work with your payday loan lenders, and you enroll in our repayment program, we’ll contact them and workout debt consolidation arrangements. You’ll then make one, more affordable, monthly payment through Money Fit, until your loans are paid in full.

How to get help with your Payday Loans

One issue consumers face when trapped in payday loans is that they may feel embarrassed or shame for their finances spiraling out of control. We want you to know that our highly skilled and trained counselors are here to prevent this situation from occurring again. We believe it takes strength and courage to face such challenges head-on. Rest assured our staff will be there to encourage you every step of the way.

payday loan consolidation

Debt Relief Services:

Get Professional Help For Your Payday Loans. 

You’re not alone

We understand how isolated payday loans can make an individual feel. It’s often a financial source of desperation, that comes with extremely high fees for short-term loans. According to lendedu.com, over 12 million Americans use payday loans each year and they end up paying over $9 billion dollars back in fees. That’s an average of $750 per person. With millions of consumers borrowing payday or other short-term loans, you’re hardly alone.

The borrowing ends here

Money Fit doesn’t lend money. We consolidate consumer debt, in this case, payday loans, into one monthly payment that we negotiate with the original lenders. This means that you’ve effectively put a stop to receiving one loan, to pay another one, and perhaps another one. You won’t have to worry about needing another loan to cover what you’ve consolidated with us because you’re done, your dependency on covering one loan with a second loan is over. 

Notice to Florida Residents

Florida Residents with Payday Loans may qualify for receiving a 60 day deferment on their payday loan payments. The State of Florida has protections in place, called the Payday Advance Law, that assist payday loan borrowers by creating space between when payments are due to the lender in order to provide the borrower financial relief and time to review their options. Money Fit is authorized in the State of Florida to assist in the deferment and repayment process.

Call 1-800-432-0310 or visit
Florida Payday Loan Deferment for more information.

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Free and Confidential Payday Loan Consolidation Services

We look forward to helping you overcome your current financial situation. Our mission, from day one, has been to provide peace of mind and encouragement in a meaningful manner to any individual dealing with debt-related problems. We’re good at what we do because we care. 

Call (800) 432-0310 or enter your information on our site so that you can receive your free consultation.

We also invite you to review our free financial resources at the Money Fit Academy. These tools can teach you how to prevent debt-related issues and improve all aspects of your finances. 

Disclosure: This is not a loan offer as Money Fit by DRS does not lend money. We are a nonprofit 501 (c)(3) organization. Not all payday lenders work with nonprofit Credit Counseling Organizations and accept restructured payment terms. Your Credit Counselor will advise you of your options. 

payday loan consolidation

Money Fit Assist Consumers with Payday Loan & Other Various Unsecured Loan Products Throughout the Entire United States

This includes unsecured short-term loans, online loans, credit builder loans, and other non-traditional types of loan products. Payday loans have evolved over time into various loan products. Call to determine if your loan qualifies for consolidation through our program. 

Payday Loan Consolidation available in the following states:

Frequently asked questions:

The following questions are the most common questions we are asked about regarding Payday Loan Consolidation.

Many payday loan consolidation companies successfully help thousands of consumers a year to pay off their loans with lower monthly payments. Payday loan consolidation companies help borrowers who feel stuck in an unending payday loan debt trap. 

While some payday loan consolidation companies may try to settle your debt or offer you yet another loan, the most effective and credit-friendly method, like the one used by Money Fit, involves the consolidation company working with your payday lenders to set up a reasonable and affordable consolidation repayment plan. 

The pros of using a payday loan consolidation program include escaping the payday loan debt cycle, having a single monthly payment going forward, and saying goodbye to the high interest and fees associated with payday loans. 

One con to using a payday loan consolidation program involves having to differentiate between payday loan consolidation companies to understand whether they offer a payday consolidation loan, payday loan settlement services, or a payday loan consolidation repayment plan. 

The average payday loan borrower pays back nearly 140% of their original loan debt in fees. The faster you can repay your debt directly to the lender, the less you will pay in fees.

If you don’t have the extra income to accelerate your payday loan repayment on your own, you might consider working with a payday loan consolidation company like Money Fit to lower your monthly payments and loan fees. 

Most payday lenders and finance companies, including many of the largest in the country like Bright Lending, CashNetUSA, and Spotloan, work with nonprofit credit counseling agencies like Money Fit to place their loans on a debt Management Plan (DMP). 

Through a DMP, the lender typically agrees to lower or eliminate their interest rate on the loan while allowing the borrower to repay the loan over a 12-month to five-year period. Lower interest rates and flexible repayment terms mean the borrower is in a better position to afford to repay the loan.

Payday Loan Consolidation Blog Posts

Find important answers, advice, and analysis to a wide range of personal finance topics in our Money Motivations blog.

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© 2024 Money Fit by DRS
6213 N. Cloverdale Rd, Suite 130, Boise, ID 83713
Money Fit is a nationwide nonprofit 501(c)(3) organization. We do not lend money.

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Client Credit Report Authorization

You hereby authorize and instruct Debt Reduction Services, Inc. (DRS, dba Money Fit by DRS) and/or its assigned agents to:
  • Obtain and review your credit report, and
  • Request verifications of your income and rental history, and any other information deemed necessary for improving your housing situation (for example, verifying your annual property tax obligations and homeowner’s insurance fees)
Your credit report will be obtained from a credit reporting agency chosen by DRS. You understand and agree that DRS intends to use the credit report evaluate your financial readiness to purchase or rent a home and/or to engage in post-purchase counseling activities and not to grant credit. You understand you may ask any questions pertaining to your credit report. However, while DRS will review the information with you, the company is not able to furnish you with a copy of your credit profile. You hereby authorize DRS to share your information from your credit report and any information that you provided (including any computations and assessments produced) with the entities listed below to help DRS determine your viable financial options.
  • Banks
  • Counseling Agencies
  • Debt Collectors
  • Landlords
  • Lenders
  • Mortgage Servicers
  • Property Management Companies
  • Public Housing Authorities
  • Social Service Agencies
Entities such as mortgage lenders and/or counseling agencies may contact your DRS counselor to evaluate the options for which you may be eligible. In connection with such evaluation, you authorize the credit reporting and/or financial agencies to release information and cooperate with your DRS counselor. No information will be discussed about you with entities not directly involved in your efforts to improve your housing situation. You hereby authorize the release of your information to program monitoring organizations of DRS, including but not limited to, Federal, State, and nonprofit partners for program review, monitoring, auditing, research, and/or oversight purposes. In addition, you authorize DRS to have your credit report pulled two additional times to conduct program evaluations. You also agree to keep DRS informed of any changes in address, telephone number, job status, marital status, or other conditions which may affect your eligibility for a program you have applied for or a counseling service that you are seeking. Finally, you understand that you may revoke consent to these disclosures by notifying DRS in writing.

Client Privacy, Data Security, and Client Rights Policy

NOTE: This sheet is to inform new or returning clients about our services, records, fees, and limitations that may affect you as a consumer of our services. This form also discloses how we might release your information to other agencies and/or regulators. If you do not understand a statement, please ask a Debt Reduction Services (DRS) counselor for assistance.

Debt Reduction Services, Inc. (DRS) has put into place policies and procedures to protect the security and confidentiality of your nonpublic personal information. This notice explains our online information practices and how we use and maintain your information to conduct our financial education and credit counseling sessions and to fulfill information and question requests. This privacy policy complies with federal laws and regulations.

To provide our financial education and credit counseling services, we collect nonpublic personal information about you as follows: 1) Information we receive from you, 2) Information about your transactions with us or others, and 3) Information we receive from your creditors or a consumer reporting agency. We do not share this information with outside parties.

We use non-identifying and aggregate information to better design our website and services, but we do not disclose anything that could be used to identify you as an individual.

You hereby authorize DRS, when necessary, to share your nonpublic personal, financial, credit, and any information that you provided (including any computations and assessments produced) with the following entities in order to help DRS provide you with appropriate counseling or guide you to appropriate services: third parties such as government agencies, your lender(s), your creditor(s), and nonprofit housing-related and other financial agencies as permitted by law, including the U.S. Department of Housing and Urban Development.

To prevent unauthorized access, maintain data accuracy, and ensure the correct use of information, we have put in place appropriate physical, electronic, and managerial procedures to safeguard and secure the information we collect online. We limit access to your nonpublic personal information to our employees, contractors and agents who need such access to provide products or services to you or for other legitimate business purposes.

Debt Reduction Services, Inc. complies with the privacy requirements set forth in the HUD housing counseling agency handbook 7610.1 (05/2010), including the sections 2-2 Mc, 3-1 H(2), 3-3, 5-3 F, and Attachment A.5. At all times, we will comply with all additional laws and regulations to which we are subject regarding the collection, use, and disclosure of individually identifiable information.

  1. Services: DRS provides the following housing-related services: counseling that includes Homeless Assistance, Rental Topics, Pre-purchase/Homebuying, and Home Maintenance and Financial Management for Homeowners (Non-Delinquency Post-Purchase); Education courses that include Financial literacy (including home affordability, budgeting, and understanding use of credit), Predatory lending, loan scam or other fraud prevention, Fair housing, Rental topics, Pre-purchase homebuyer education, Non-delinquency post-purchase workshop (including home maintenance and/or financial management for homeowners), and other workshops not listed above.

Please refer to DebtReductionServices.org for details of our services.

  1. Limits: Our services are limited to our normal weekday business hours. We do not provide individual counseling or education services after hours or on weekends, although our education courses are available 24/7.
  2. Fees: We do not charge fees for our financial management counseling and education. However, if you use them, you may have to pay for our Debt Management Program, Student Loan Counseling, Bankruptcy Certificate Services or certain financial education courses (homebuyer education, rental topics, fair housing, predatory lending, and post-purchase-non-delinquency including home maintenance and/or financial management for homeowners).
  3. Records: We maintain records of the services you receive, including notes about your progress or other relevant information to your work with us. You have the right to access and view your records by making a request to your counselor.
  4. Confidentiality: We respect your privacy and offer our services in confidence with the understanding that we may share such information with auditors and government regulators. Certain laws or situations may also lead to disclosing confidential issues, such as those involving potential child abuse or neglect, threats to harm self or others, or court subpoenas.
  5. Refusal of Services: You have the right to refuse services without any penalty or loss.
  6. Disclosure of Policies and Practices: You will be provided our agency disclosure statement.
  7. Sharing of Information: Sometimes we will need to contact other agencies or we may need to share your information, including your records, with other agencies or with regulators. We will do this only if you sign this form that gives us permission except for limited reasons; please see # 5 above for examples of such situations.
  8. Other: You have the right to be treated with respect by our staff, and we expect the same from you in return. We encourage you to always ask questions if something is not clear. We also encouraged you to express your thoughts and advocate throughout our services.

You acknowledge that this authorization will remain in effect for the duration of time that DRS serves as your housing counselor or financial education provider. You also acknowledge that should you wish to terminate this authorization, you will notify DRS in writing.

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Disclosure  Statement

NOTE: If you have an impairment, disability, language barrier, or otherwise require an alternative means of completing this form or accessing information about our counseling services, please communicate with your DRS representative about arranging alternative accommodations.

Program Disclosure Form

Disclosure to Client for HUD Housing Counseling Services

Debt Reduction Services, Inc. and its financial education arm, Money Fit by DRS, offer the following housing counseling and educational services related to housing, personal finance, and bankruptcy certificates to consumers:
  • Housing Education Courses: DRS offers many online self-guided education programs classified as Financial, Budgeting, and Credit Workshops (FBC), Fair Housing Pre-Purchase Education Workshops (FHW), Homelessness Prevention Workshops (HMW), Non-Delinquency Post Purchase Workshops (NDW), Predatory Lending Education Workshops (PLW), Pre-purchase Homebuyer Education Workshops (PPW), and Rental Housing Workshops (RHW). These courses help participants increase their knowledge of and skills in personal finance, including home affordability, budgeting, and understanding the use of credit, as well as predatory lending, loan scams, and other fraud prevention topics, fair housing, rental topics, pre-purchase homebuyer education, non-delinquency post-purchase topics including home maintenance and/or financial management for homeowners, homeless prevention workshop, and other workshops not listed above relating to personal finance and housing. Course details are found below under “Housing Workshops.”
  • Home Equity Conversation Mortgage (HECM) Counseling (RMC): Via telephone and virtual platforms, we offer the required HECM counseling nationwide in addition to in-person counseling in Boise, Idaho. We also offer in-home counseling options in thirty counties across southern Idaho for an additional fee to cover our travel and additional staff time costs.
  • Home Maintenance and Financial Management for Homeowners (Non-Delinquency Post-Purchase) (FBC): Clients receive counseling and materials on the proper maintenance of their home and mortgage refinancing. Clients can find help and resources by phone, in our Boise office, or virtually on all topics related to stabilizing their long-term homeownership.
  • Services for Homeless Counseling (HMC): Clients receive phone, virtual, or in-person (Boise) counseling to evaluate their current housing needs, identify barriers to and goals for housing stability, establish a path to self-sufficiency, and connect with emergency shelters, income-appropriate housing, and/or other community resources (e.g. mental healthcare, job training, transportation, etc.).
  • Pre-Purchase Counseling (PPC): Clients receive counseling through the entire homebuying process. Assistance may involve creating a sustainable household budget, understanding mortgage options, building their credit rating, and putting together a realistic action plan to set and achieve homeownership goals.  Additionally, clients will receive materials and resources about home inspections and other homeownership topics relevant to successfully maintaining a home.
  • Rental Housing Counseling (RHC): Via phone, in-person appointments (Boise, ID), or virtual platforms, clients receive housing counseling relevant to renting, including rent subsidies from HUD or other government and assistance programs. Topics can also address issues and concerns having to do with fair housing, landlord and tenant laws, lease terms, rent delinquency, household budgeting, and finding alternate housing.
DRS also offers the following services:
  • A Debt Management Program (DMP) for consumers struggling to pay their credit cards, collections, medical debts, personal loans, old utility bills, and past-due cell phone accounts;
  • The Budget Briefing and Debtor Education Certificates that are required during the Bankruptcy filing process;
  • A Student Loan Repayment Plan Counseling and application service.

Relationships with Industry Partners

Through such services, DRS has established financial relationships with hundreds of banks, credit unions, and creditors such as American Express, Bank of America, Barclays, Capital One, Chase, Citibank, Credit One, Discover, Synchrony, US Bank, USAA, Wells Fargo, and others.

No Client Obligation

The client is not obligated to receive, purchase or utilize any other services offered by DRS or its exclusive partners to receive financial education or housing counseling services. Alternatives: As a condition of our counseling services, in alignment with meeting our client services goals, and in compliance with HUD’s Housing Counseling Program requirements, we may provide information on alternative services, programs, and products available to you, if applicable and known by our staff. Alternative DMP services include negotiating better repayment terms directly with your individual creditors, paying your debts as agreed, or, in extreme cases, filing for personal bankruptcy. Alternative credit and education services can be found through MyMoney.gov or the Jump$tart Clearinghouse of online financial education resources. Housing counseling alternatives can be found through HUD at www.hud.gov/findacounselor.
Finally, you understand that you may revoke consent to these disclosures by notifying DRS in writing.
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Housing Counseling and Education Fee Schedule

 

Online Education Program Fees*

Homebuyer Education Course: $59 per participant

  • Self-paced course available here, our online housing counseling and education center. Certificates will be automatically generated upon completion of the course (approximately 6-8 hours)

Rental, Fair Housing, Predatory Lending / HOEPA, Post-Purchase (Non-delinquency post-purchase workshop, including home maintenance and/or financial management for homeowners) Online Workshops: $49 per participant

  • Approximately 1 hour each

Other Self-Guided Financial Literacy Webinars (e.g. credit, budgeting, homeless prevention, debt prevention): $0

One-on-one Counseling Fees*

Pre-purchase Homebuying Counseling, Rental Counseling, Post-purchase Ownership Maintenance and Financial Management: $75

  • Session by the hour

Reverse Mortgage/HECM Counseling with Required Certificate:

  • $200†

Credit Report Fee: Paid Directly by Client

*Fees for all but our online education courses and workshops can be paid online by debit card, credit card, or PayPal or in person by cash, check or money order to: “Debt Reduction Services, Inc.” Registration fees are non-refundable 24 hours or less before the start of an in-person course or workshop. Certificates are non-transferable

*Fees may be waived for households with income of 150% or less of that identified on the US Department of Health and Human Services Poverty Guidelines Page

†Home visit counseling is available in 30 southern Idaho counties for potential HECM borrowers at additional costs to cover our travel (IRS reimbursement rates apply) and staff time ($50 per hour or fraction there).

Close

Housing Counseling and Education Fee Schedule

 

Online Education Program Fees*

Homebuyer Education Course: $59 per participant

  • Self-paced course available here, our online housing counseling and education center. Certificates will be automatically generated upon completion of the course (approximately 6-8 hours)

Rental, Fair Housing, Predatory Lending / HOEPA, Post-Purchase (Non-delinquency post-purchase workshop, including home maintenance and/or financial management for homeowners) Online Workshops: $49 per participant

  • Approximately 1 hour each

Other Self-Guided Financial Literacy Webinars (e.g. credit, budgeting, homeless prevention, debt prevention): $0

One-on-one Counseling Fees*

Pre-purchase Homebuying Counseling, Rental Counseling, Post-purchase Ownership Maintenance and Financial Management: $75

  • Session by the hour

Reverse Mortgage/HECM Counseling with Required Certificate:

  • $200†

Credit Report Fee: Paid Directly by Client

*Fees for all but our online education courses and workshops can be paid online by debit card, credit card, or PayPal or in person by cash, check or money order to: “Debt Reduction Services, Inc.” Registration fees are non-refundable 24 hours or less before the start of an in-person course or workshop. Certificates are non-transferable

*Fees may be waived for households with income of 150% or less of that identified on the US Department of Health and Human Services Poverty Guidelines Page

†Home visit counseling is available in 30 southern Idaho counties for potential HECM borrowers at additional costs to cover our travel (IRS reimbursement rates apply) and staff time ($50 per hour or fraction there).