Repaying Online Cash Advances
Posted on Friday, August 13th, 2010 at 2:16 pm in General Payday Loan Tips, Helpful Payday Loan Info
Convenient online cash advances also have convenient payment plans. Discuss cash advance payment plans with your online lender to find one that works for you. Here are the most common payment plans for online cash advances:
Opt for a one-time, automatic payment. This is the easiest cash advance payment plan. Your advance payday cash loan is good until your next payday, and your lender can automatically deduct your full payment from your bank account after your paycheck gets deposited. This payment option guarantees that you will have enough cash in your account to pay back your online lender, as long as you earn enough with your next paycheck to cover the payment (your online payday lender should not have approved your loan if you tried to borrow more than you make in a month).
Arrange an installment plan. If you advanced most or all of your next paycheck but still have additional monthly expenses to consider, you can arrange an installment plan with your online cash advance lender. Cash advance installment plans can also be automatically deducted from your account over several paydays. The payments are smaller but may end up costing you more due to additional finance charges some payday lenders may include.
Consider rollovers when you need more time. Several states allow cash advance customers a certain number of rollovers or cash advance renewals. If you need more time to pay back your online cash advance, your lender may allow you to roll over the loan by deducting just the service fee from your account on payday, renewing the cash advance for another pay cycle. Just be aware that this is the most expensive payment option in terms of interest an annual percentage rates, especially if you rollover cash advances more than one time.
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