Payday loans are Short Term. Most payday loans will need to be repaid when you receive your next paycheck.
7 Quick Tips to Make Repaying a Payday Loan Painless
Read the Fine Print. To ensure that there are no surprises, make sure to read the fine print on the payday loan agreement. Missing the deadline for repayment may result in additional fees.
Create a Plan Before Applying for the Loan, make sure you have a plan to repay it. Typically payday loan debt is due upon the time you receive your next paycheck. So make a quick list of bill you’ll need to pay with that check.
It can be tempting to borrow more than you need, but keep in mind you’ll be responsible for paying back everything you borrowed, and the fees associated with your loan are linked to the loan amount. In short, the more you borrow, the more you’ll pay in fees.
Consider extended Payment Plans. Some loans will allow you to repay the loan over a longer period of time. If you know it will be difficult to repay a payday loan with your very next paycheck, inquire about an extended payment plan. Many payday loan companies offer extended repayment services, but you’ll need to ask about the plan before the loan’s due date.
Ask about Loan Rollovers. Some lender will allow borrowers to rollover their payday loans to the next payday. Typically, lenders will limit the number of times a loan can be rolled over. Most lenders charge additional fees for rolling a payday loan.