We Have 11 Payday Loans and I’m Trying to Get Into the CFSA EPP to Repay Them. – Aubrie


“Dear Steve,

My husband and I have been in the deathly cycle of payday loans for almost a year now. I work part time and he works full time and we have 1 daughter. Right now we are up to 11 payday loans totaling a whopping $6,500. I just barely stumbled upon the CFSA EPP. Only 4 of the places we loaned from offer EPP. When it comes to pay days we have a little bit left over but not much.

When can you enter EPP. Would it be a good idea to loan from other places that do offer epp to pay off some of the others. Any advice for getting out of this problem.


Dear Aubrie,

For those that don’t know what a CFSA EPP is, it is the Extended Payment Plan offered by payday and cash advance lenders who are members of the Community Financial Services Association of America.

The EPP can be a reasonable way out of trouble with a payday loan but on my recent visit to some payday lenders I discovered a very important fact that isn’t in print. It seems that they would only allow one payday loan at a time in the EPP. See my previous post “Cristy Has Three Payday Loans And Can’t Pay Them” for the specific details of the EPP.

Since it sounds like your payday lender is a member of CFSA, they should provide you with a booklet that describes the EPP solution. The hurdle to get into the EPP is very specific, “You must invoke the EPP by close of business on the last business day before the advance due date by returning to the office where you obtained the advance or by using whatever method you used to obtain the advance. To invoke the EPP, you must sign an amendment to your agreement reflecting the new payment schedule.”

I don’t want to be too cynical here but I forecast that the payday lenders are going to give you a bunch of reasons why you don’t qualify for the EPP. Typically in similar situations people have turned to bankruptcy to resolve this problem since the lenders would not be cooperative.

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My opinion is that payday lenders need to be on a central database so as to never extended more than one payday loan to one consumer at any one time. Let me know if you dig yourself out from this without bankruptcy.


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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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3 thoughts on “We Have 11 Payday Loans and I’m Trying to Get Into the CFSA EPP to Repay Them. – Aubrie”

  1. You said let me know if yo get out of it without filing bankruptcy. Well we did and all with the help of EPP’s. We went into each place that offered the epp and started them without any hassle. That took care of 6 of the loans right there. We were no longer paying any interest on those. We then researched which companies belonged to the cfsa and loaned the amounts we could through them totaling the amount we owed to the other five places. Then we turned those loans into epp’s through them and payed those off. And we did all this without filing bankruptcy. Those EPP’s are a lifesaver and the CFSA is there to back you up on them as well as to inform you about proper procedures, and yes you can have more than one EPP out with different companies at one time.


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