How to Get a Payday Loan Extended Repayment Plan

If you’re having trouble repaying your payday loan, you might be able to ask your lender for an extended repayment plan.

An extended repayment plan lets you repay the loan in smaller installments over a more extended time.

Whether you can get an extended repayment plan will depend on your state law or the payday lender’s policy. This repayment plan may be offered free, or it might carry an additional fee.

But you should expect the company not to promote the extended repayment plan option. You will have to ask for it and possibly fight for it.

If you still have trouble making payments or are not given the option of an extended repayment plan, other resources may be able to help you.

For example, you may wish to speak with someone like Damon Day or Helps, or contact a legal aid attorney to discuss your options.

If you are a service member, contact your local Judge Advocate General’s (JAG) office to learn more. You can use the JAG Legal Assistance Office locator to find help. You can also ask your installation financial readiness office for information.

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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2 thoughts on “How to Get a Payday Loan Extended Repayment Plan”

  1. I have been an attorney for 42 years and probably filed around 30,000 bankruptcies. I emailed my three former partners who I hired years ago and now operate the bankruptcy firm I founded. I asked them if they ever recall a payday lender filing a lawsuit for debt. Every one of them told me they could never recall a payday lender filing a lawsuit. Nor can I. Many payday loans are done over the internet- they absolutely would not file a lawsuit. However you should close the bank account where you paid them. They will do whatever they can legal or not to take money out of that account.
    A local payday lender might I suppose, but a lot of people that get payday loans don’t have a flow of income where the payday lender could ever collect even if they sued and got a judgment. Yes you could get hounded but whether you will be sued is doubtful for a lot of reasons. And even if they did sue which again is doubtful how would they collect? But close the bank account they may know about. Eric Olsen HELPS Nonprofit Law Firm


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