What can I do if I can’t repay my payday loan?
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If you’re having trouble repaying your payday loan, you should contact your lender right away and ask for an extended repayment plan or if there are other options.
An extended repayment plan lets you repay the loan in smaller installments over a longer period. Whether you can get an extended repayment plan will depend on your state law or on the payday lender’s policy. This repayment plan may be offered for free, or it might carry an additional fee, depending on state law. Take a look at the look at the APR on your loan documents.
If you still have trouble making payments or are not given the option of an extended repayment plan, there are other resources that may be able to help you. For example, you may wish to speak with a credit counselor in your area or contact a legal aid attorney to discuss your options. If you are a servicemember, contact your local Judge Advocate General’s (JAG) office to learn more. You can use the JAG Legal Assistance Office locator to find help, or ask your installation financial readiness office for information.
If you experience an issue with a payday loan, you can also submit a complaint to the CFPB online or by calling (855) 411-2372.