How to Pay a PAYday loan back if you cannot do so all at once

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This a tool for people that have been caught in a trap with too many payday loans or ran into a problem paying one back.

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Instructions

Difficulty: Moderately Challenging

Things You’ll Need:

Faith
Personal Strengh
Knowledable Info
Pushy to get your rights

Step1

Well you got the loan but now you have some more trouble you cannot pay it back all at once. So you first have to read your agreement that you signed when you got the loan and make sure that you can do this.

Step2

You need to determine if the center where you got your loan is hooked up thru a company called CSFA which requires a payday loan center to allow you to do 1 time a year a EPP extend payment plan. Most of the centers will not offer this information but a lot of these companies offer this.

Step3

Here's the catch first you have to call 1 day in advance and tell them you cannot pay all the loan back at once. They will then require you to come in and basically sign a new agreement to repay. Usually this is over a 4 month period. ( not always)

Step4

Then after you have resigned the new agreement you are all set up. You can repay the loan in more time and you do not have to default under the old agreement. Make sure your payday loan center is associated with CSFA. Otherwise this will not work.

Tips & Warnings

Make sure payday loan center is connected to CSFA
Being honest will help in the long run.
Most important if you want a EPP plan you MUST call 1 day before loan is due. If the loan due day lands on weekend call as many days in advance as possible.
Payday loans are meant for short term finaical problems they are not meant to bail you out of debt. They can be a big help if used in appropriate ways.