If you can’t repay a loan, contact the lender before the due date and ask about an extended payment plan. Some states, such as Florida, require a repayment option on payday loans. You can stop automatic withdrawals by telling your bank at least three business days ahead, and the FDCPA limits what debt collectors can do.
Key takeaways
- Call your lender before the due date
- Stop automatic payments three business days ahead
- Collectors cannot harass, threaten or deceive you
On this page
- First steps when you can’t make a payment
- Asking about a Cash Central extended payment plan or any lender’s plan
- Some states require a repayment option
- Stopping automatic payments: your rights under federal law
- Why rolling over a loan can make things worse
- Getting help from a nonprofit credit counselor
- If your loan goes to collections: your rights under the FDCPA
- Planning ahead, whether you borrow from Cash Central or another lender
- Frequently asked questions
- Sources
If you can’t repay loan payments on schedule, the worst move is usually to do nothing. Acting before the due date gives you the most options, from an extended payment plan to a changed due date. Many people search for a Cash Central extended payment plan or a similar program from their own lender. CashCentralLoansUSA is not Cash Central, is not affiliated with Cash Central and is not a lender, and we can’t tell you whether Cash Central or any other company offers a particular plan or on what terms. Only your lender can answer that.
What we can do is lay out the general steps that work with most lenders, the state rules that sometimes require a repayment option, your federal rights when stopping automatic payments, and your rights if a debt goes to collections. This page is general information, not legal advice.
First steps when you can’t make a payment
Timing matters. A lender has more flexibility before a payment is missed than after it has been returned, charged a late fee or sent to collections.
- Read your loan agreement. Find the due date, the late fee, any returned-payment fee, whether the loan allows a payment extension, and how automatic payments were set up.
- Contact the lender before the due date. Call or use the lender’s secure message center. Explain that you can’t make the full payment and ask what options exist.
- Ask specific questions. Is there an extended payment plan? Can the due date move? Is there a fee for a change? Will it be reported to the credit bureaus?
- Get the agreement in writing. Before you rely on any arrangement, ask for written confirmation by email or letter showing the new amounts and dates.
- Keep records. Note the date, time and name of everyone you speak with, and save all messages.
The Consumer Financial Protection Bureau advises that if you are having trouble repaying a payday loan, you should contact your lender right away and ask for an extended repayment plan, and ask about other options too.
Make a partial payment if you can. If the lender agrees, paying part of what’s due shows good faith and reduces the balance. Confirm in writing how a partial payment will be applied before you send it.
Asking about a Cash Central extended payment plan or any lender’s plan
An extended payment plan lets you repay what you owe in smaller installments over a longer period. According to the CFPB, such a plan may be offered for free or may carry an additional fee, depending on state law, and whether you can get one depends on your state’s law or the lender’s own policy.
So whether you borrowed from Cash Central or from another company, the practical approach is the same: ask the lender directly, before the due date, whether an extended payment plan is available and what it costs. We don’t have information about Cash Central’s own payment plans, and nothing on this page describes them.
Questions to ask about any plan
- How many payments will there be, and how much is each one?
- Is there a fee to enter the plan, and does interest or any fee keep accruing?
- What happens if I miss a payment under the plan?
- Will the plan be reported to credit bureaus, and how?
- Does entering the plan limit my ability to borrow from this lender for a period?
If the plan’s payments still don’t fit your budget, say so. It’s better to agree to a plan you can actually complete than one you’ll fall behind on again.
Some states require a repayment option
Some states require payday lenders to offer an extended payment plan, grace period or similar option to borrowers who can’t repay on time. The details vary widely, and some states don’t allow payday lending at all. Florida is one clear example.
Florida’s grace period and credit counseling rule
Under section 560.404 of the Florida Statutes, if a borrower on a single-payment deferred presentment transaction tells the provider in writing or in person, by the end of the loan term, that they can’t pay in full, the provider must extend the agreement with a 60-day grace period without any additional charge. In return, the borrower must make an appointment with a consumer credit counseling agency within 7 days after the end of the loan term and complete counseling by the end of the grace period. The borrower may also agree to a repayment plan approved by the counseling agency.
| Florida rule (s. 560.404) | Requirement |
|---|---|
| Grace period if you can’t pay in full | 60 days, no additional charge |
| Credit counseling appointment | Within 7 days after the loan term ends |
| Maximum single-payment check amount | $500, excluding allowed fees |
| Fee limit on single-payment transactions | 10% of the amount provided, plus a verification fee |
| Rollovers | Prohibited |
| Prepayment penalty | Prohibited |
Other states have their own rules, and they change over time. Check your state regulator’s website or our state disclosures for a summary, and see our state availability page for where lenders in our network operate.
Stopping automatic payments: your rights under federal law
Many online loans are repaid by automatic withdrawals from your bank account. If a withdrawal will overdraw your account, you may want to stop it while you work out a plan. Federal law, the Electronic Fund Transfer Act and its implementing rule, Regulation E, gives you specific rights here.
Your stop-payment right
Under Regulation E (12 CFR 1005.10(c)), you can stop a preauthorized electronic transfer from your account by notifying your bank or credit union, orally or in writing, at least three business days before the scheduled transfer date. The bank may require written confirmation within 14 days of an oral request, and if it does, it must tell you so and give you the address to send it to.
Revoking your authorization
The CFPB recommends contacting both the company and your bank: tell the company you are taking away your permission for automatic payments, tell your bank you have revoked the company’s authorization, and follow up both calls in writing. Once you have done that, the CFPB notes that any further payments the company initiates would be errors, and you can contact your bank for a refund.
- You still owe the debt. Stopping automatic payments doesn’t cancel the loan; you must pay another way.
- Stop-payment fees: banks and credit unions generally charge a fee for stop-payment orders.
- Lender consequences: a missed payment can still bring late fees, collection activity and credit reporting.
Regulation E also generally prohibits making credit conditional on your agreeing to repay by preauthorized electronic transfers, with limited exceptions such as overdraft credit plans. In practice, that means a lender typically must give you another way to pay.
Use this right to protect your account, not to avoid the lender. Stopping a withdrawal works best alongside a call to the lender to set up a new payment date or plan. Silence after a stop-payment usually leads to collections.
Why rolling over a loan can make things worse
If you have a payday loan, the lender may offer a rollover or renewal where state law allows it: you pay only the fee and the due date moves back. That isn’t a repayment plan. On a $400 payday loan at $15 per $100, each rollover costs another $60, so three rollovers add $180 in new fees on top of the original $60, for $240 in fees before you repay the $400 itself.
A borrower who keeps rolling over a Cash Central payday loan or any other lender’s product pays more each cycle without moving closer to payoff. If you’re offered a rollover, ask whether an extended payment plan is available instead. Our page on Cash Central payday loans explains rollover costs and state limits in detail.
Avoid borrowing to repay a loan
Taking a new loan to pay off an old one can make sense only if the new loan clearly costs less and has a payment you can afford. Borrowing from a second high-cost lender to cover the first usually deepens the problem. Our payday loan alternatives page covers lower-cost options such as credit union loans and biller payment plans.
Getting help from a nonprofit credit counselor
A nonprofit credit counselor can review your whole budget, help you decide which bills to pay first, and talk with you about options such as a debt management plan for certain unsecured debts. The CFPB suggests speaking with a credit counselor if you’re still struggling or aren’t offered a plan, and in Florida, counseling is part of the payday grace-period process.
- Look for agencies affiliated with the National Foundation for Credit Counseling (NFCC) or the Financial Counseling Association of America (FCAA).
- Ask about fees up front; initial counseling is often free or low cost.
- Bring a list of every debt, payment, due date and your monthly income.
- Be cautious of any company that charges large fees before doing any work or promises to make debts disappear.
If your loan goes to collections: your rights under the FDCPA
If a loan stays unpaid, it may be sent to a third-party debt collector. The Fair Debt Collection Practices Act (FDCPA) limits what debt collectors can do. According to the CFPB, debt collectors can’t harass, oppress, abuse or deceive you, and they generally may not call you before 8 a.m. or after 9 p.m.
- You can dispute the debt. If you don’t recognize it or think the amount is wrong, put in writing that you dispute all or part of it.
- You can ask for verification. Your written dispute can request verification of the debt, including how much you owe and proof that the debt is yours.
- You can tell a collector to stop contacting you. This stops the contact, but it doesn’t erase the debt, and the collector may still take other steps such as filing a lawsuit.
- Collectors can’t threaten you. They may not threaten violence or falsely claim you will be arrested for not paying a debt.
If a collector violates these rules, you can submit a complaint to the CFPB or your state attorney general. Don’t ignore a court summons; responding protects your rights even if you dispute the debt.
Planning ahead, whether you borrow from Cash Central or another lender
Once the immediate problem is handled, a few habits make future payments easier to keep, no matter which lender you use next:
- Choose a payment you can afford in a tight month, not just a typical one.
- Prefer fixed installments to a single lump-sum payment, so each payment reduces the balance.
- Align the due date with your payday when the lender allows it.
- Build a small buffer, even $10 or $20 a paycheck, for the next surprise expense.
At a representative 29.99% APR, for example, a $400 installment loan over four months has a payment of $106.33 and total interest of $25.30, far easier to fit into a budget than $460 due at once. Learn how fixed payments work on our installment loans page and compare costs on our rates and terms page.
If you are current on your bills and a new expense comes up, you can request an installment loan of $200 to $5,000 through CashCentralLoansUSA. As a representative example, a $2,000 loan at 29.99% APR over 12 months has a payment of $194.96, total interest of $339.57 and a total repaid of $2,339.57. We are not Cash Central and not a lender, approval isn’t guaranteed, and a new loan shouldn’t be used to cover a payment you already can’t make. When the timing is right, start a free loan request.
Frequently asked questions
What should I do first if I can’t repay my loan?
Contact your lender before the due date. Explain that you can’t make the full payment and ask about an extended payment plan, a new due date or a partial payment. Get any agreement in writing before relying on it. Acting early usually gives you more options and can help you avoid late fees, returned-payment fees and collections.
Does Cash Central offer an extended payment plan?
We can’t answer that. CashCentralLoansUSA is not Cash Central, is not affiliated with Cash Central and has no information about its payment plans. Contact your lender directly. The CFPB notes that whether you can get an extended repayment plan depends on your state’s law or the lender’s policy, and the plan may be free or carry a fee.
Can I stop a lender from taking money from my bank account?
Yes. Under Regulation E, you can stop a preauthorized electronic transfer by notifying your bank orally or in writing at least three business days before the scheduled date. Tell the lender you are revoking authorization too, and follow up in writing. You still owe the debt, so arrange another way to pay.
Do any states require payday lenders to offer more time?
Some do. Florida, for example, requires a 60-day grace period at no additional charge on single-payment deferred presentment transactions when a borrower says they can’t pay in full, as long as the borrower makes a credit counseling appointment within 7 days and completes counseling. Rules differ by state, so check yours.
What can a debt collector not do?
Under the Fair Debt Collection Practices Act, debt collectors can’t harass, oppress, abuse or deceive you. They generally may not call before 8 a.m. or after 9 p.m., and they can’t threaten violence or falsely say you will be arrested. You can dispute a debt in writing and ask for verification of what you owe.
Sources
- CFPB: What can I do if I can't repay my payday loan?
- Florida Statutes s. 560.404: Deferred presentment transactions
- CFPB: How do I stop automatic payments from my bank account?
- CFPB: Regulation E, 12 CFR 1005.10 (preauthorized transfers)
- CFPB: Know your rights when a debt collector calls
- CFPB: Debt collection
