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Debt Consolidation Forums Payday Loan help forums

Why do some pdl lenders offer extended payment plans while others don't?

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I want to know if all payday loans have the same rules, then when it come to not being able to pay back on time, I know some has extended payment plans and some say that they don't unless the check is returned from your bank

Legal payday loans are required to be paid off on time and with the interest rate. If you don't repay the loan, the lenders can sue you to sell the debts to the collectors. However, illegal lenders (who have no right to lend money in a state where payday loan is illegal) can't take you to the court for the due. You just need to repay the principal amount.

If the lenders are legal ans you can't repay the loan, then talk to the lenders for the extended payments plan by explaining your financial hardship.

Sub: #1 posted on Fri, 04/19/2019 - 06:29

Sanders Patricia Sanders Patricia

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Every state have their individual payday lending rules. Different lenders also have different set of rules when it comes to money lending. So, it is quite natural that they might have separate payment terms. Normally illegal payday lenders may give you easy repayment options..but not necessarily.

Sub: #2 posted on Sun, 04/21/2019 - 22:57

Barbara Delinsky Barbara Delinsky

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All payday loan companies have to abide by the state laws. Unfortunately, many lenders don't follow the state laws. Hence., problem arises. Usually, CSOs offer extended payment plans. They are bound to offer extended payment plans when borrowers are unable to pay off loans. Illegal lenders don't offer extended payment plan.

Sub: #3 posted on Mon, 04/22/2019 - 00:28

Nick Jonas Nick Jonas

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