Payday Loan Extended Payment Plans
Posted on Tuesday, May 24th, 2011 at 10:02 am in Miscellaneous Cash Loan Info
While payday loans are designed as small cash loans to be repaid on your next payday, sometimes you may need an alternate payment plan to afford your loan, especially in emergencies that require a bigger cash loan amount. Many consumers don’t realize that online payday lenders often offer installment plans, as lenders tend not to advertise this point too widely. However, most state guidelines require lenders to offer payment plans at a customer’s request. If you need a payment plan to make it easier to pay back your cash loan, don’t be afraid to ask your lender to arrange installments for you.
Before you request extended financing, make absolutely sure that you can’t afford to pay off your loan in full with your next paycheck. Paying in full right away will significantly reduce your interest rate, making your cash loan more affordable on the whole. If your loan takes up too big of a percentage of your paycheck, it’s time to ask your lender for a payment plan.
Some lenders may be reluctant to work with you on arranging extended terms at first. They may try to convince you to roll over your loan instead for a new service fee. Don’t roll over your payday loan. This is how many customers begin when they find themselves trapped in accumulated payday loan debt.
Be persistent. If you want an installment plan, tell your lender. According to the law in many states, your lender will have to comply with your wishes. If they won’t, don’t hesitate to report them to the Better Business Bureau and your state’s financial regulation board. Most lenders should be happy to honor your wishes, but if your lender gives you a hard time, you have every right to fight back.
You are entitled to affordable financing as a payday loan consumer. Don’t be afraid to ask for a payment plan when you need one.
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