Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Best Uses of a Payday Loan and other Cash Advance topics.
Unlike most lenders, CashLoanSource.com can help protect you from falling into a debt trap when you simply need money for emergencies or a fast payday loan. Some lenders will not tell you that you have three options to pay for your cash loans. Most will only tell you of the first two.
Here are our three ways to repay!
Pay in full. One of the best ways to use a cash loan is to pay it in full by the date of maturity. This avoids extra fees from rolling it over to the next term and gets you free and clear to move forward. Plus, you'll build a good reputation with our lenders and be more likely to qualify for varying amounts in the future.
Pay finance fee only. This option is available for those who just can't pay the principal off by the maturity date. Perhaps you experienced an unexpected loss. You just need another week. Paying the fee only extends your time, but you still owe the principal.
*Pay finance fee and portion of principal. This payment method is not readily shared by some lenders out there. They want you to just pay the fee when the money comes due. Fees are free money to the lenders. All they're risking is your initial loan amount. Even if you have to roll your personal cash loan over to another term, you should try to pay a good portion of the principal back. This makes it easier for you to pay it off by the end of the next term to avoid paying more fees.
|Jennifer Mathes, Ph.D.|