When money is tight, we resort to desperate measures to try to get out of the situation. Sometimes, this leads down the path of more financial trouble. Ask me how I know? I have been there and done that!
If you find yourself in the position of owing money to a Pay Day Loan company, sit down and make a budget. Find out how much money you can pay toward the loan. If possible, get a part-time job or work overtime to help pay the loan. It is best to pay these types of loans in full instead of payments; nevertheless, there is a solution for paying Pay Day Loans.
After creating a budget, getting a part-time job and/or working overtime, go to the Pay Day Loan company. Look for the Community Financial Services Association (CFSA) seal located on the window or on the counter. If this Payday Loan Company is a CFSA Member, they are required to follow best practices. Therefore, you have the right to rescind your agreement with the Pay Day Loan Company within 24 hours of making the loan. CFSA Members are required to help customers set up payment plans to repay loans at no extra cost. The caveat, however, is you must ask for an Extended Payment Plan (EPP) 24 hours before your loan is due. The EPP will be given to you at no extra cost and the interest on your loan could be suspended while on this agreement. You will be required to sign a new agreement and pay your payment on time. learn more & add comments