The short answer is yes if you’re in over your head with payday loans you have a few options available to you.

Both of these options are in the form of consolidation.

First you have a typical consolidation loan. This is where you would head over to your local financial institution, either a bank or private lender and apply for a low interest consolidation loan.

Once you get the loan you would then take that money and go to each individual lender and pay them off in full.

Now that you've said goodbye to your payday loan nightmare – yep strong word – nightmare - but if you currently caught in the payday loan trap you know exactly what I’m talking about.

So now you’re only obligation is the one monthly payment to the financial institution that provided you with the consolidation loan. And depending on what terms the loan was set at – you could be paying off this loan for several years.

But it’s a better solution then have to re-loan to these payday loan sharks hitting you with an annual percentage rate that is usually in triple digits and with no end in sight of every paying them off.

But there is a catch - not everyone is going to qualify for such a loan – the qualifications standards can be high with most financial institutions. You have to have good credit and you will in most cases have to provide some sort of collateral to support the loan.

If either one of these are in question in all likely hood you will be denied the loan.

But don’t freak out or panic you still have one other alternative and it’s called a Payday Loan Debt Consolidation Program.

Here’s how a program like this works – first after doing your research and finding a legitimate payday loan consolidation company and I say legitimate because there are plenty of consolidation payday loan scams out there so be careful.

The company takes over your loan – so now all those payday lenders have to talk to the consolidation company not you – this alone removes 90% of the stress most people find themselves under.

Next the company will negotiate a re-payment plan for the money you owe – this re-payment plan is far less than the payments you would currently be paying.

Now instead of paying all your lenders individually every two weeks you simply pay the consolidation company each month and then they will pay your lenders.

And most payment plans are set over 6, 12 or 18 months – the time frame simply depends on your own situation.

And the upside to a payday loan debt consolidation program is you don’t have to have any collateral and your credit plays no part in qualifying for the program.

So even though many people have gotten in over their heads with payday loan debt there are ways out of it. With these two options you simply need to choose the one that works best for you.

And remember to do your homework regarding any company offering a Payday Loan Debt Consolidation Program you want to make sure the company offers a legitimate consolidation program.