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Cash Advance Payment Plans

Posted on Saturday, July 23rd, 2019 at 10:08 am in Financial Planning Info, Miscellaneous Payday Loan Info

Time to pay back your cash advance? Did you know that you have several options for paying back your loan? Most cash advance lenders have several payment plans available, ranging from rollovers to full payment to an installment plan. Read on to find out which payment option is best for you.

Full Payment
Most cash advance lenders prefer customers to repay their loans in full on payday. Cash advances are designed to work like a paycheck advance from an employer, except the cash is provided by an independent lender instead. Since you’re essentially borrowing from your next paycheck, you should pay back the amount due in full on payday.

Paying off your cash loan in full will save you money on interest in addition to eliminating your debt faster. The longer your payment plan lasts, the more you’ll pay in interest. Paying off your debt in full is a good rule to follow regardless of where you borrow money from. If you can afford it, try paying off your cash advances in full whenever possible.

Installment Plans
Cash advance lenders also offer installment plans, although not all of them advertise it. Lenders prefer their customers to pay in full, unless you’re borrowing more cash than you can afford to pay back at once. It’s always a good idea to keep your loan amounts small, but sometimes emergencies require you to borrow extra cash.

Cash advance lenders can schedule installments automatically on every payday to make it easier for you to afford and make your payments on time. If your lender doesn’t advertise installment plans and you need help paying back your loan, discuss your options with your lender.

Rollovers
We generally advise against rollovers, but one or two can be handy when you need a little extra time to pay back your loan. A rollover effectively renews your cash advance for another pay period, though you still have to pay the interest due, and most lenders also require an additional service fee. These charges can add up quickly and create more debt than you could initially afford. If you need extra time to pay back your loan, one or two rollovers can help, but try not roll over your loan any more than that.

Decide which payment option works best for you and discuss your plan with your lender when you first apply

Related posts:

  1. Stretch Your Cash Advance with Payment Plans
  2. Paying Off Your Cash Advance
  3. Cash Advance Installment Plans
  4. Cash Advance APRs
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