Use Your Options with EPP for Cash Advance Loans

The extended payment plan is an option that helps you manage fast cash advance loans in a more efficient way. Instead of paying it all at once, you are entitled to make at least 4 equal payments over 60 days. The law guarantees you the right to use EPP (regulations depend from state to state). That being said, if you find a lender not willing to give you one, although you meet the requirements, you should report to the concerning authorities.

Limitations

  • Extended payment plans for fast cash advance loans are not required by law in all the states. That is why you should first get all the details about the regulations applied in your state.
  • The lender might not inform you about your benefits with EPP. In this case, you have the right to report to related authorities. See below the list of the authorities concerned with such complaints.
  • You can’t take more than one EPP every 12 months. This makes it a very limited resource that should be used only when you are truly in need and want to avoid another loan renewal.
  • Some lenders require you to pay an extra fee if you want to repay the loan in full early. The law doesn’t prevent any lender from doing so. For this reason, you should read the agreement carefully before signing it.
  • After using your right for an EPP, you can’t take any other loan for 90 days (in most states). For example, the state of Virginia requires this by law.

Positivators

EPP allows you to pay the loan in at least 4 equal payments over 60 days. Here is an example:

If you have a loan of $500 for two weeks, the EPP makes it possible for you to complete 5 x $100+fees payments every 12 days. As a result, you manage your budget in a more efficient way:

  • You can pay half the loan this month and the other half the next month to put less strain on the budget.
  • You are able to use the remaining money for unexpected expenses, or you could have a bit more fun. Everybody deserves a bit of relief once in a while.
  • There is no interest added to this plan. If you have to pay 15% interest for a $500 loan, the total amount is $575 and nothing more. Fees for installments are totally different from EPPs, the latter being regulated by state and federal laws. Any lender that claims to offer EPPs in return for a fee is breaking the law by advertising the product, that’s obviously not an EPP.
  • It is not mandatory to go through with the EPP once you apply for one. You are free to cancel the plan at any time. Nevertheless, according to the contract you signed, provider may ask for an extra fee in case you make an amendment with EPP and don’t comply with it.
  • The fact that your lender is obligated to release signed and dated receipts makes it easy for you to keep track of your payments. Apart from this, the receipts represent a legal ground upon which you can take action if necessary.

Tools

  • If you have any question regarding extended payment plans for fast cash advance loans , you can address them to the Bureau of Financial Institutions in your state.
  • Calculate your costs before applying for an EPP to figure out if you actually need it. This way you save this option for the time when you really need it.
  • Report any frauds about fast cash advance loans at the Internet Crime Complaint Center.

The extended payment plan available for fast cash advance loans is meant to make the life of borrowers easier and to protect against abusive lending practices.