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.
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.