Posts Tagged ‘payday loan companies CFSA membership’

How To Pay Off Payday Loans With Payment Plans?

The majority of legitimate payday lenders have membership to the Community Services Financial Association (CSFA). Such lenders are often obligated to allow one “payment plan” per year at least once per borrower. It means if you fail to repay your loan on its set due date, you can make a written request to them and ask them to approve your payday loans with payment plans. As per this payment, you get a chance to make the repayment in four equal installments over the next four months. The biggest advantage of this plan is that it does not charge additional interest or other charges for the

extended repayment period. For example, if you owe $600 on the initial due date, you can be allowed to pay $150 per month over your next four pay days.


What If Your Lender Does Not Approve A Payment Plan Despite The Fact That They Are A CFSA Member?

If payday lenders are CFSA members and they still do not approve payday loans with payment plans to those borrowers who otherwise are eligible for it, you can file a complaint with the Community Financial Services Association. The association will instruct such lenders to approve the payment plan to you. If the lenders still do not approve it, the association may revoke their membership, which is not a healthy thing for the lenders’ business, as it earns them bad reputation both in the eyes of the laws as well as in the eyes of their potential customers. However, no legal actions can be placed against them.

Qualifying Criteria For Extended Payment Plan

The Community Financial Services Association has issued certain guidelines regarding payday loans with payment plans. As per these guidelines, the borrowers who want to avail this option must meet certain basic eligibility requirements. In general, you cannot take advantage of this installment plan option more than once per year per lender. It means if you have already availed this option from the same payday loan company and now you are requesting for an extended payment plan again on another loan from the same lender, your request will get rejected.

What About Those Lenders Who Are Not CFSA Members?

Payday lenders who are not CFSA members are generally not

obligated to approve payday loans with payment plans, but you can still make a request to them and negotiate an installment plan. Besides that, many states these days have enacted new laws that make payday lenders legally obligated to offer extended payment plans to eligible borrowers. The terms may vary from one state to another. Therefore, if you are facing difficulty in paying back your loan and your payday lender is not a CFSA member, you must look into the payday loan laws applicable in your state.

Though borrowing payday loans is an extremely costly affair and consumers are generally advised against it, if you must borrow this type of loan in desperate times, you are strongly recommended to get it from a legitimate payday loan company who is a CFSA member. This way, you can obtain payday loans with payment plans.

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