You may be able to make an alternative payment arrangement directly with the lender, such as an extended payment period or change in repayment amount. Any new terms agreed with the lender should be in writing and you and your representative should keep track of all communications with the lender, including notes about interactions in person or over the phone. You should also keep any emails or letters received from the lender and the lender’s contact information. You may also be able to get more time to repay a payday loan without being charged extra fees through an Extended Payment Plan (EPP), if permitted by state law.[1]
[1] EPPs are offered by payday lenders that are members of the Consumer Financial Services Association of America (CFSA). Under an EPP, a customer may pay the transaction balance in four equal payments coinciding with the periodic payment dates. You can find out whether a payday lender is a member of the CFSA through this website: http://cfsaa.com/about-cfsa/2017-cfsa-corporate-members.aspx. There is no charge to enter into an EPP.