What do I do if I Can’t Repay the Payday Loan?


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You know, I did everything possible to avoid the situation when I can’t repay my payday loan at all, but it seems that all the circumstances are against me. So, now I’m facing some difficulties in repaying the payday loan I took last month. Is there any possibility to avoid serious consequences? What can I do?
– Judith


The Answer

If you cannot repay your payday loan on time, there are some approaches you can take to the situation.

What are Your Options

The best answer depends on your circumstances.

  • The lender may offer you a loan rollover. This is where you get a one-time extension to pay back the loan in full. It carries a high fee.
  • You may be able to negotiate for an extended repayment plan. This option is a bit different from a rollover. Instead of the entire loan coming due all at once in another couple of weeks, you get to pay it off in installments over an extended period.
  • You might be able to negotiate over the amount. For example, if you can pay $100 of a $200 loan right now, you could ask the lender to write off the remaining amount due. The lender might consider it if they believe you really will never be able to pay off the rest. Try mentioning that you are considering bankruptcy.
  • Ask for help. A legal aid attorney or credit counselor may be able to help you explore other avenues.

Whatever you do, make sure that you stay communicative with the lender. Keep paying your other bills on time. Do not wait to take action.

Reviewed by: Casey Bond
Date Reviewed: Apr 03, 2019


SDL365 Works with Lenders That are Members of Online Lenders Alliance
The answer on this page is provided in collaboration with some of our trusted lenders who are proud members of the Online Lender’s Alliance. The purpose of the provided answers is to inform the consumers about the specifics of online lending. It should not be treated as legal advice or regulatory guidance. The information is updated periodically and may include links or references to third-party resources or content. SDL365 does not endorse any third-party nor does it guarantee the accuracy of the third-party information. We encourage you to consult other resources that might serve your needs and take into account your particular situation.

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