Paying Back Your Cash Advance Loan
Posted on Tuesday, July 13th, 2010 at 1:35 pm in General Payday Loan Tips, Helpful Payday Loan Info
Our customers sometimes inquire about payment plans for their cash advance loans. The great benefit of short term cash advance loans is the flexibility they provide: You can borrow as much as you need up to $1500 and use it for whatever expenses come up between bi-weekly or monthly pay checks. A cash loan with such flexibility should also have flexible payment options. Your cash advance lender might offer different options, but these are the common methods of repayment that we’ve seen.
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Single payment. Cash advance loans were designed for consumers to borrow for short amounts of time and pay back right away with a single payment on their next payday. This is the preferred payment method for most cash advance loan lenders. If you can’t afford to repay your loan with a single payment, discuss other options with your lender.
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Paying finance fees and renewing the loan. If you can’t afford a single payment, your lender might give you the option of paying the finance fee and renewing or rolling over your cash advance loan up to another 30 days depending on state laws and your pay schedule. You may incur new fees for rolling over you loan, so make sure you discuss all renewal details with your lender before using this option.
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Small installment payments. Some states allow payday loan lenders to offer installment plans for customers who may have trouble affording a single payment. The number and amount of installment payments will vary depending on your lender’s regulations, as will the interest associated with your cash advance loan. Make sure you fully understand your obligations by discussing an installment plan with your cash advance lender.
Talk to your lender to develop a payment plan that works with your pay schedule and budget. Cash advance loans should be convenient not complicated, so make sure you openly discuss and fully understand your lender’s terms before you borrow.
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