Extended Payment Plan
At MicroLoan Express we know there may be a time that our customers are unable to make their payment when its due. When that happens, we are still here for you and offer an extended payment plan!
A customer who is unable to repay their payday loan when due may elect once in any twelve-month period to repay the deferred presentment transaction by means of an extended payment plan. The twelve month period is measured from the date the customer enters into one extended payment plan, until the date that the customer enters into another extended payment plan.
To request an extended payment plan, the customer must make the request before the due date of the payday loan and sign an amendment to the payday loan agreement that explains the plan's terms.
The extended payment plan's terms allows the customer, at no additional cost, to repay the outstanding payday loan, including any fee due, in at least four substantially equal installments. Each extended payment plan payment must be due on or after a date on which the customer receives regular income. The customer may prepay an extended payment plan in full at any time without penalty. MicroLoan Express will not charge the customer any interest or additional fees during the term of the extended payment plan. MicroLoan Express may, with each payment under the plan by a customer, provide for the return of the customer's prior held check and require a new check for the remaining balance under the plan. Alternatively, we may require the customer at the time the customer enters into the extended payment plan to provide multiple checks, one for each of the scheduled payments in the amount of those payments.
If the customer fails to pay any extended payment plan installment when due, the customer shall be in default of the payment plan and MicroLoan Express may immediately accelerate payment on the remaining balance. Upon default, we may take action to collect all amounts due.
If a customer enters into an extended repayment plan, MicroLoan Express must report the extended payment to the state data base and cannot enter into another payday loan until repayment of the original payday loan is paid in full.