How to utilize state-mandated Extended Payment Plans (EPPs): requesting free installment restructuring from Community Financial Services Association (CFSA) lenders.
When a borrower cannot repay a short-term cash advance on the scheduled due date, state statutes and industry best practice rules provide a legal right to request an Extended Payment Plan (EPP) at zero additional fee.
1. How Extended Payment Plans (EPPs) Function
Zero Additional Interest or Fees: Direct lenders are prohibited by law and CFSA guidelines from charging extra finance fees or penalties when entering an EPP.
Installment Restructuring: The outstanding balance is typically divided into 4 equal bi-weekly payments over a 60-to-90 day window.
Mandatory Timely Request: Borrowers must submit an EPP request to the lender prior to the close of business on the last business day before the loan due date.
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