Before you start
US payday loans, not all wage advances, installment loans or vehicle-title loans. State law and the lender’s actual product determine available plans. This guide records facts and questions; it does not decide legality or stop a debit.
1. See which payments reduced the debt
Gather the original agreement, renewals, payment receipts and current statement. For each payment, ask how much went to principal, interest or fees. A renewal may be described as an extension, rollover or new agreement; the name alone does not establish what happened. Record the balance before and after it.
The CFPB explains that a fee-only rollover does not reduce the borrowed principal. Keep past fees separate from the current amount owed so you do not count them twice. Request a dated payoff or balance breakdown, including any pending payment. Do not assume repeated renewals are allowed everywhere; many states restrict or prohibit them.
2. Check the applicable state and repayment option
Contact the lender promptly and ask for an extended repayment plan, required request method, eligibility conditions and any deadline. Obtain the actual terms before choosing another fee-only renewal. Availability and cost can depend on state law or the lender’s policy; there is no universal US right to an identical free plan.
For example, Washington RCW 31.45.084 requires a covered licensee to convert a covered small loan to a written installment plan at the borrower’s request when the stated conditions apply, without a charge for converting. This is a Washington rule, not a national template. Check your state regulator’s current rules and the lender’s license; do not infer enforceability from its website address or a similar product name.
3. Test installments against money left after essentials
List usable income dates and protect housing, food, essential transport and other commitments. Calculate the amount available for this loan at each proposed payment date, not merely a monthly average. Include other payday obligations in the same cash plan. Money expected from a refund or unconfirmed extra work is not a reliable committed payment source.
Ask whether installments reduce principal, what total you will pay, whether interest or fees continue, and what happens after a missed installment. A longer schedule may help timing but still cost more. Taking another expensive loan to fund the old one can move the same gap forward; compare its actual net proceeds, complete cost and dates before treating it as an exit.
4. Confirm the change and track each application
Keep the approved agreement with amounts, dates, total charges and the treatment of the original debit or postdated check. A request alone does not replace the old schedule. Ask the lender to confirm which withdrawals remain authorized and discuss account-payment questions with your bank through a verified channel. Changing a payment authorization does not cancel the underlying debt.
After each payment, verify application and the new remaining balance. If the lender refuses an option you believe state law provides, retain the request and response for the state regulator or legal aid. The CFPB also lists credit counseling and legal assistance as routes when payments remain unmanageable. Address any court papers separately and promptly; this record does not calculate court deadlines or file a response.
Fictional example: $120 in renewal fees did not repay $120 of principal
Assume a fictional $400 loan has had two fee-only renewals of $60 each. Receipts show $120 paid in renewal charges and no principal reduction. The current written amount to repay is $460: $400 principal plus a separate $60 current charge. With no further fees, past $120 plus future $460 means $580 total paid for the original $400.
Suppose the lender offers four $115 installments, no new charges, and written dates that fit $120 available after essentials on each date. Four payments total $460; each leaves only $5 of that date’s available money. The borrower confirms how payments reduce the balance and replace the old debit. This invented offer is not the Washington statutory schedule or a guaranteed plan in any state.
Before you finish
- Separate principal reduction from renewal fees.
- Obtain the current itemized balance and debit date.
- Verify state-specific plan conditions and request method.
- Check every proposed installment after essentials.
- Save approval, debit changes and subsequent balance records.
My renewal and repayment record
Use Loan A and generic document references. Keep account numbers, bank credentials and identity documents outside these notes.
Entries are optional and stay in this page's memory. This worksheet does not send or save them. Use generic account labels and document labels. Do not enter account numbers, Social Security numbers, PINs, access codes, passwords, names or addresses, and do not upload documents. Downloading or printing creates a copy you control.
Follow the written plan and verify that payments reduce the balance as agreed.
Put up to four documents or actions in order
Record a short fact, such as requested a quote, sent a question, or received written terms. Dates and document labels are optional. Use generic labels; keep actual documents and identifying details outside this tool.
This is a factual log. Dated events sort from oldest to newest. Events on the same date keep their entry order because times are unknown. Undated events appear separately, in entry order. A document reference is your own label, not proof that a record was verified.
Enter actual dates as YYYY-MM-DD. If a date is unknown, leave it blank; do not invent one. Dates are calendar dates, with no time zone or time-of-day comparison. This record does not calculate a legal deadline or schedule reminders.
Questions you may have
Do past renewal fees automatically reduce what I now owe?
Not if they paid only for extensions. Check the payment ledger and contract. An unexplained or disputed fee needs its own review rather than an assumed subtraction from principal.
What if no offered plan fits my income?
Do not promise payments based on money you cannot identify. Ask for another arrangement and contact a qualified credit counselor or legal aid to review options, including state protections. This worksheet cannot create approval or erase the debt.