Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Dec 13, 2012

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It is usually possible to defer a payday loan. Unfortunately, though, not all lenders allow their borrowers to delay payments on their short-term loans.

In order to defer debt, payday loan borrowers should read their agreement. Different companies have different policies. While most allow some form of deferment, some completely omit an option for customers that want to delay a payment.

If borrowers see in their agreement that they are able to defer recompense, then they should follow the instructions to begin the process. However, if there is no mention of deferment options for customers, then it is time to contact their particular lending company.

When contacting a lender, borrowers should remember that they are, in essence, presenting their “case” to delay their payment. Customers need to convince their financer that they wish to repay their debt, but that they simply cannot. Ideally, borrowers should try to at least make a partial payment to show financers that they are earnest in their intentions. Unfortunately, not all lenders will be willing to accept even a partial payment.

Some companies are required to offer an extended payment plan. If a business is a member of the CFSA (Community Financial Services Association of America), then, according to the rules of that trade association, they are required to offer an extended compensation plan.

Sometimes state law steps in. Certain states require that lenders offer extension plans. If customers live in a state with these types of laws, then they can make a case that their financer must legally grant them an extension.

Borrowers can prepare their own repayment or extension plan based upon their own income and expenses to show financers they are prepared and serious about repaying the debt. Of course, this plan should be realistic and should not cause customers to pay back more than they can afford.

For some borrowers that obtained their payday loans from store locations, a meeting with a branch manager or representative of the business may be required. Borrowers who obtained their financing online may have to negotiate via email, over the phone, or online with a live chat representative.