 TITLE: What Happens If I Stop Paying My Payday Loan? CONTENT: Options for Paying Your Payday Loans\n------------------------------------\nBecause payday loans are expensive and the consequences of falling behind are severe, it's best to make these types of debts a priority while the loan is still in good standing and absent from your credit reports. If you're struggling financially (which may be the reason you got the loan in the first place), this could be challenging. Some methods to consider:\n*   **Sell unnecessary property.** Look around your home and yard. Is there anything of value that you don't need? If you can sell it, apply proceeds to the amount you owe.\n*   **Bring in extra income.** Perhaps you can work overtime or get a temporary part-time job. Babysit, walk dogs, join the gig economy by driving for a car share company. Weigh your possibilities.\n*   **Pare down expenses.** Analyze your budget carefully. If there is anything you can eliminate or reduce, do so, and put the savings toward this debt.\n*   **Borrow from a friend or family member.** If there is anybody in your life who has spare cash, you may want to approach that person for a short-term loan. Use it to delete the payday loan, then pay off the person as agreed.\n*   **Ask about an Extended Payment Plan (EPP).** Many states require payday lenders to offer EPPs, which give payday loan borrowers extra time to repay the loan without penalty. Lenders who are members of the Community Financial Services Association of America pledge to offer EPPs to payday loan borrowers having trouble paying their loans, but others don't. Check to see if your lender provides this option. END