Payment Plan Options on Cash Advances

Posted on Monday, July 26th, 2010 at 12:17 pm in Financial Planning, Helpful Payday Loan Info

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We’ve spent a great deal of time writing about the convenience and ease of payday loans. If you are curious about the idea of an online payday loan, or you are interested in finding out the details of what the instant cash advance may entail, you are most likely looking for the loan terms- meaning the interest and fees on the loan, how much one can borrow and how long you may have to repay the loan. These are all crucial details when it comes to applying for a payday loans. Usually the fact that you can take a loan of up to $1,500 and can have that money in as quickly as one hour is what draws people to using payday loans. But our goal is to provide you with as much information as possible about the nature of payday loans and give you the means to make an informed decision. That’s why we are now going to discuss the process of paying back a payday loan and what are your options.

After your payday loan is deposited into your account, you will then have somewhere between 14 – 31 days to repay the loan. This will be agreed upon by you and your lender before the loan transaction is complete. The loan money will then be taken from your account following your next payday. This is typically how a payday loan works, but there are options. For instance, many lenders will allow you to rollover your instant cash advance. Meaning you can pay it at a later date than what you have originally agreed upon. Also, some lenders may allow a payment plan in order to give you the time to repay the loan in full. These details are something you can discuss with your payday lender.

Remember to review all options you have and carefully read over the terms of the loan. Research can help you make a better decision when applying for a payday loan.

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