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.
Consumer Credit Underwriting Review Board
Our research panel evaluates small-dollar credit underwriting standards, TILA APR disclosures, state usury rate caps, and CFPB consumer protection rules.
Need Immediate Emergency Cash?
Check rate options with 50+ participating online lenders in our verified network.