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Cash Advance Installment Plans
Posted on Friday, July 29th, 2019 at 10:23 am in Miscellaneous Payday Loan Info
Cash advances can sometimes be difficult to pay off in full, especially if you need to borrow a bigger cash amount to take care of a bill or sudden expense. The average cash advance costs $20 per $100, and those fees can add up quickly. You’ll only pay about $60 extra for a $300 loan, but a $500 cash advance can cost a whole $100 extra in fees. If you don’t account for the additional service charge, you may have a hard time affording your payment when it’s due.
Luckily, many online lenders have an easy solution with cash advance payment plans. Payment plans are usually arranged with installments scheduled every payday, automatically withdrawn from your bank account so you don’t have to worry about mailing a payment on time. Your lender takes care of installments for you.
It’s always best to pay off your cash advance in full if you can. Many states prohibit lenders from charging additional fees for installment plans, but some states don’t regulate lender’s payment plans. In states with little regulation, lenders may charge additional interest if they wish. This can drive up the cost of your payday loan significantly. Also, the longer your loan is financed for, the higher your annual percentage rate will be.
Sometimes, installment plans are unavoidable. You should always try to keep cash advances small, but some emergencies won’t allow you to do that. Make every effort to save money to pay off all your debt at once. Adjusting your monthly budget can help, as well as cutting out non-essential expenses temporarily.
If you must finance your payday loan, try to get the shortest plan available. The faster you pay off your cash loan, the more affordable it will be. Some lenders offer payment plans with four equal installments paid once a month. Others can schedule payments every payday until your loan is paid in full. Decide what works for your budget and choose the option you can best afford.
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