Is there any way I can reduce the payday loan interest rate?

There's no harm in requesting for a reduction in the interest rate.
However, you can opt for professional help if you want to get rid of your legal payday loan.

As soon as you realize that you may not be able to pay the amount you owe, talk to your lender and explain the reason. Most of the lenders are willing to negotiate. So, negotiate with your lender properly and make him realize why you are unable to pay back the higher interest rate. You may get the best answer.

If the payday lender is a democrat, he'll not reduce your rates. But, if he's a republican, he'll hike it.