For individuals with troublesome payday loans, securing an online personal loan is not necessarily the best solution for undoing the damage that payday loans can cause. Payday loans are not always a bad solution to short term money concerns, but they are often predatory in nature and can over the long term cause damage that far outweighs the immediate relief that they can provide. When held over a long period of time, the annualized interest rates of payday loans are usually extremely high and can wreak havoc on personal finances as the months roll by. It is not uncommon for online payday loans to have annualized interest rates of two hundred to five hundred percent, and these annualized interest rates can climb even higher than that. What was once a financial relief can become a burden that does not easily go away. First Loan Choice works with our clients to relieve the stress and financial burden that online payday loans cause by enrolling them in payday loan consolidation programs. We work with our partner companies to force predatory lenders to restructure these damaging loans in a way that stops payday loan companies from automatically withdrawing money from our clients' bank accounts, also securing far lower interest rates on the payday loans and making it far easier to pay back the loans and put those financial burdens behind them. For these reasons, the first step that we recommend to our clients is often not to seek a new online personal loan, which can be harder to obtain for individuals with lower income and credit scores, but rather to begin working on a simple to follow program of payday loan consolidation. When the appropriate changes are made to our clients' checking accounts, predatory payday loan companies will be denied the ability to automatically withdraw funds from these checking accounts as they mercilessly do. The predatory payday lenders will then be forced to give our clients far better terms, including lower monthly payments and significantly lower interest rates. When this process has begun a significant reduction in financial pressure takes place, and financial and emotional healing from these traumatic loan experiences can begin. First Loan Choice does sometimes recommend payday loans for our clients, but only when using reputably lenders and only if our clients are taking the proper steps that help to ensure that these online payday loans are strictly a short term solution. Individuals who are borrowing funds from payday lenders should always begin a program of credit analysis, in which their credit report is analyzed, negative items such as late payments, charge offs, collections, repossessions, bankruptcies and foreclosures are removed. The result will be a clean credit report with far higher credit scores, which indicate to installment lenders- which offer far better quality loans than payday lenders at far lower interest rates- that they are now a much better risk with a far lower chance of defaulting. When our clients reach this higher financial level, they are able to secure new and far better installment loans, and to once and for all have predatory payday lenders gone from their lives forever.