Borrower Resources

Information checked: October 23, 2026

Start with what repayment would mean for your budget. The amount offered is only one part of the decision; essential expenses and existing commitments still need to be paid.

Before you agree

• Confirm the lender’s identity and check applicable licensing requirements.
• Read the APR, each fee, the total amount due and the payment dates.
• Check what happens if a payment is late or a debit is returned.
• Keep a copy of the agreement and any payment authorization.

The CFPB payday loan guide links to explanations of costs, licensing, repayment and consumer rights.

Understand the repayment structure

Payday loans are commonly short-term and due around a payday. Before agreeing, compare the proposed payment with the income left after rent, food, utilities, transportation and other debt payments. Read the CFPB’s explanation of how payday loans work.

Renewals can add cost

Paying a renewal or rollover fee may extend the due date without reducing the amount originally borrowed. Ask for the remaining balance and total cost in writing. Rules vary by state. See the CFPB’s explanation of renewals and rollovers.

Compare other ways to cover the expense

Ask the biller about a payment arrangement, check local assistance programs and compare lower-cost credit options. If a payment would leave essential expenses uncovered, reconsider the amount and timing. For an existing loan, contact the lender early about repayment options and keep a record of the conversation.

These resources provide general information. For a question about a specific agreement or your legal rights, contact the relevant regulator or a qualified adviser.

Watch Your next step, with clarity, our short video about making an informed borrowing decision.