Payment Options for Your Cash Advance

Posted on Monday, December 27th, 2010 at 12:46 pm in General Payday Loan Tips

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Online lending has made fast cash loans easily accessible with fast transfers, quick applications, and instant approval. Storefront cash advances are also quick and easy to get, but require an extra errand, and accessibility is limited to store hours. Online cash advaces have an additional advantage: Flexible payment plans.  Consumers who borrow cash advances online typically have the option to pay in full on payday, arrange an installment plan, or get a rollover to renew their cash loan. Consider your payment options carefully before finializing your payday loan application.

Cash advances were designed as short-term loans borrowed against a customer’s next expected paycheck. It’s like advancing your payday by two weeks, giving you access to your cash when you need it instead of having to put off expenses. Because they’re short term loans, cash advances are intended to be paid in full with the customer’s next paycheck. Sometimes such a payment arrangement is impractical. Storefront lenders don’t always allow for alternative payment plans, but online payday lenders allow extra payment flexibility.

Online and storefront lenders both allow cash advace rollovers. A rollover renews your payday loan for a new term if the customer pays the service fee to renew the loan. Rollovers give you more time to gather funds for payment, but can cause your interest rate to go up considerably if you rollover your cash loan too many times. Because rollovers can quickly become too expensive, online lenders offer more affordable installment plans as well.

With an installment plan, your payment is automatically withdrawn from your bank account every payday until your loan is paid off. You don’t have to keep track of due dates or mail any payments, as your lender takes care of everything automatically. Interest rates are lower than a rollover, and you don’t have to worry about whether or not you can afford a lump sum payment.

For fast transfers and easy payment options, consider borrowing your cash advance online the next time you need extra funds in your bank account.

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