I am having trouble repaying my payday loan. What can I do?

Answer: If you’re having trouble repaying your payday loan, one option may be to ask your lender if it will give you an extended payment plan.

An extended payment plan lets you repay the loan in smaller installments over a longer period of time. This option may be offered for free or might carry an additional fee.

Many states require lenders to offer extended payment plans under certain circumstances, and some lenders may also do so on a voluntary basis.

If you still have trouble making payments, or are not given the option of an extended payment 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.

Ask CFPB provides general consumer information. It is not legal advice or regulatory guidance. The CFPB updates this information periodically.

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