Of course, you must pay your payday loan back. But what if you cannot? Here are your options...
When the loan must be payd off?
Your due date is usually the date of your next paycheck. The standard time for loan repayment is usually no less than 7 days and no longer than 18 days. If you have your direct deposit set up than the payday lender will withdraw the full amount including fees automaticaly.
How much are the payday loan finance charges?
Finance charges range from $20 to $30 for every $100 borrowed.
How do I make my payments with an online lender?
When your loan is due, the amount borrowed plus a service fee is automaticaly debited from your checking account.
What if I cannot pay the cash loan amount by the due date?
If you choose not to pay your loan on the due date, you can extend the loan due date up to three times, and each time for an additional fee. Every time you extend, you'll be required to pay finace charges only. After the first three extentions you'll have to pay a minimum of $50.00 more than the finance charges due until the loan principal is fully repaid.
Why do I have to pay extra fees when I do an extension?
This is how they get you... By definition, the payday cash loans are very short term loans. When you go with the extensions your payday loan becomes a longer term loan, and they have a right to charge you for an additional maintenance.
Can I pay my payday loan off earlier?
Yes. There are should be no penalties for paying your payday loan off earlier.
