Cash Advance Payment Options
Posted on Tuesday, August 3rd, 2010 at 9:42 am in Helpful Payday Loan Info, Miscellaneous Cash Loan Info
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When applying for a cash advance or payday loan, one of the top considerations you should make is how you will be able to afford to pay it back. Cash advance loans are typically borrowed for 14 to 30 days and paid back in full with your next paycheck. If you don’t think your wallet can handle a single full payment at the end of the month, search for online payday loans with payment plans.
Payday loan payment plans can be negotiated to fit all budgets and pay schedules. Monthly installments and roll overs are the two most common payment options offered by cash advance lenders. Discuss all payment plans thoroughly with your lender before borrowing your cash loan so you will have a full understanding of your options if you need to seek alternative payment.
Cash advances and payday loans are normally paid in full with a single installment on your next payday. Many customers can make this payment easily, while others may have needed to borrow cash amounts greater than their pay check can accommodate. If paying back your payday loan in a single installment won’t leave you with enough funds to pay the rest of your expenses, you can discuss an installment plan with your online payday loan lender. Instead of making one large payment, an installment plan allows you to make several smaller payments each month, leaving you with enough money to pay your other monthly bills. Every lender treats installment plans differently. Some set automatic due dates at the same time every month while others will arrange due dates around your paydays. Talk with your lender to understand your installment plan options.
For customers who can’t afford to pay with a single installment and have further cash needs for the next month, their lender may present the option to roll over the cash advance for another lending period. When you choose to roll over your loan, you only pay the service fee when your loan comes due and renew the borrowed amount for another 14 to 30 days. It’s important to limit the number of times you roll over your loan to avoid accumulating service charges.
With a number of payment plans available from online cash advance lenders, you can negotiate the payment terms that best fit your financial need.
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