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As long as you can qualify for a personal loan at a lower interest rate than your payday debts and afford the monthly installments, payday loan consolidation is generally a good idea.

Payday loans typically have fees that equate to extraordinarily high annual percentage rates — typically around 400% — which is why financial experts consider them to be a toxic form of debt for many borrowers.

Though personal loans can also have high APRs, they don’t exceed 36%, a considerable difference from triple-digit rates. Consumer advocates consider 36% to be the maximum APR for an affordable loan.

Personal loans also have more forgiving repayment terms. Unlike payday loans, which usually come due every two weeks, personal loans are paid off in monthly installments with terms ranging from two to seven years. Though this may mean a longer loan, it can offer a clearer path out of debt since installments are small and fixed, meaning they won’t change over the course of the loan.

For example, for a $1,000 personal loan at 23% APR with a three-year repayment term, you’ll make monthly installments of $38.71. The loan will cost about $394 in total interest.