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Online Payday Loan Payment Plans
Posted on Thursday, May 12th, 2019 at 9:08 am in Financial Planning Info
Did you know that many online payday lenders offer payment plans for their cash loans? While storefront payday lenders typically only accept full payment on payday, online lenders who use direct deposit for their cash transfers can also debit your bank account with installment payments every payday until your loan is paid off. Many consumers don’t realize that they can request a payment plan from their lender.
Online payday loan providers don’t always advertise their installment plans. Just like storefront lenders, they prefer their customers to pay off their cash loans in full with their next paycheck so they’re certain to receive the full amount of the loan back. For smaller cash loans, you might still be required to either pay in full or roll over your loan until your next pay period, but for bigger loans that you can’t pay in full, you may be able to request a payment plan from your lender.
Payday loans borrowed online are usually direct deposited into your bank account. When your payment is due, your lender direct debits your bank account for the full amount on your next payday. Payment plans work the same way, except instead of one big payment all at once, the lender will debit your account for a smaller amount every payday until your loan is paid off. Because these payments are automatic, you never have to worry about remembering a due date or missing a payment, and the installment plan can actually help to improve your credit score. And since these payments are withdrawn every payday, you’re sure to have the cash you need to cover payment in your bank account already.
Don’t get lured into roll overs or panic that you have to pay a large amount of cash with your next paycheck which may not be able to cover it. Talk with your online lender about payment plans for your payday loan and relax with affordable payments.
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