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Stretch Your Cash Advance with Payment Plans
Posted on Friday, June 24th, 2019 at 9:55 am in Financial Planning Info
Cash advances aren’t designed for long term lending, but some expenses may require additional financing to make your payday loan affordable. If you have really bad credit and can’t qualify for any other types of loans, a cash advance or payday loan may be your best option in an emergency. If you have a big expense up to $1500 and need extra time to pay off your cash loan, consider asking your lender about one of these payment plans to make your payments easier.
Many payday lenders offer installment plans, though not many of them advertize it. Most lenders who offer extended payment have three options to choose from: Installments every payday, several equal monthly installments, or rollovers that renew your loan for another pay period.
Online lenders usually offer the first type of payment plan. Instead of withdrawing one lump payment from your bank account on your next payday, an online cash advance lender can withdraw several smaller installments every payday until your loan is paid in full. Some lenders will charge additional interest on these installment plans, but many states prohibit this.
Some states have specific legislation for cash advance payment plans. Most states that regulate payment plans require lenders to collect equal monthly installments over the course of 4 or 6 months. The duration varies from state to state. Lenders are usually prohibited from charging additional interest on these payment plans.
Finally, nearly all cash advance lenders offer a rollover option to customers. A rollover renews your cash advance for another pay period before you have to pay off your loan in full. You’ll still need to pay the interest due on your cash loan’s original due date, in addition to a new service fee to roll over your loan. However, getting one or two extensions like this can give you more time to save money for a full payment. Just be careful not to roll over your payday loan too many times; they can get expensive quickly.
Choose the payment plan that works best for you and discuss your options with your lender.
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