The laws governing payday loans vary from state to state. Some states like Colorado, are now working to change the way payday loans are administered in order to make it easier for customers to pay back loans and avoid the snowball effect of constant loan renewal. Other states require payday lenders to offer borrowers an Extended Payment Plan (EPP) which stops the accrual of fees and interest!
If one borrows from a lender who happens to be from the Community Financial Services Association of America (CFSA), then there is extra luck. That means one maybe one will have more time to repay the loan without any additional fees. There could be interest added for the same service. The person will not be added for the same service.
There are more than 13 million Americans who go for payday loan debt relief each year! But, one need not get stuck in the payday loan debt cycle forever. There is hope
