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Paying Off Your Cash Advance
Posted on Friday, June 10th, 2019 at 9:46 am in Cash Advances
There are several ways to pay off your cash advance loan when it’s due. Most lenders prefer full payment on the due date, but also offer payment plans for customers who need them. Payment plan options include rollovers and installment plans to make it easier to pay off your loan. Here’s an overview of the common payment options and the pros and cons of each to help you compare.
If you can’t afford to pay your loan in full just yet, the first option to consider is a roll over. Rollovers renew your cash advance for an additional pay period, giving you more time to pay off your loan. A roll over can be helpful if you can only cover part of your payment on payday and need extra time to get more cash together. Be careful though: Too many rollovers can trap you in debt quickly as interest rates stack up. Be smart about roll overs to avoid getting into too much debt. Limit yourself to just one or two rollovers to gie yourself enough time to get cash together without paying too much interest.
Installment plans are a good alternaltive to roll overs if you need help paying off your cash loan. Customers who can’t afford to pay off their loan in full can pay with smaller installments scheduled every payday. Your lender will automatically withdraw your payment from your bank account on the day it’s due so you don’t have to worry about missing a due date or forgetting a payment. Your interest rate will likely be higher than if you paid off your loan in full, but you won’t run the risk of getting trapped with rollovers, either.
This is always the best option if you can afford it. It’s a smart idea to keep your cash loan amounts small so you can afford to pay the loan off in full when it’s due. You’ll save money on interest and won’t have the worry or hassle of having money deducted from your paycheck every two weeks. Pay in full whenever you can, and ask your lender about an installment plan if you need some extra help.
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