(NewsNation) — As tax day approaches, you may be wondering what options you have if you’re worried you can’t afford to pay your taxes.

Don’t panic. According to the IRS, you may qualify for an online payment plan that allows you to pay off an outstanding balance over time.

Apply for a payment plan

Everyone’s tax situation is different, which will ultimately determine if payment plan options are available to you. To apply for one, you will likely need your bank routing and account numbers on hand.

If the IRS approves your online payment plan, a setup fee may apply, depending on your income. Once you’ve applied, you will receive immediate notification of whether your payment plan has been approved without having to call or write to the IRS. The plans include:

• Short-term payment plan – The payment period is 120 days or less and the total amount owed is less than $100,000 in combined tax, penalties and interest.
• Long-term payment plan – The payment period is longer than 120 days, paid in monthly payments, and the amount owed is less than $50,000 in combined tax, penalties and interest.

Take out a personal loan

An alternative to IRS payment plans is taking out a personal loan, which CNBC recommends considering. Be sure to compare rates and fees with what you would pay through an IRS installment plan.,

Avant Personal Loans is a good choice if you have poor credit since it accepts borrowers with credit scores as low as 580. Loans are capped at $35,000, and you would have 12 to 60 months to repay the loan with an APR that ranges from 9.95% to 35.99%.