February 6, 2009, Newsletter Issue #44: Repayment Options for a Payday Advance Loan

Tip of the Week

Borrowers may have a number of options available to them when they take out a payday advance loan. These options will vary from lender to lender. There are some options which are more common than others, however. The most popular repayment option for a payday advance loan is to have the lender withdraw the funds directly on the next payday. In most cases, the lender will not withdraw the funds on the first payday after the loan is approved if this payday occurs within seven days of the loan approval. In these cases, the lender will withdraw the funds from the bank account on the following payday instead.

Borrowers may also have the option to repay a payday advance loan in a more traditional manner. This may include repaying the loan via a personal check or possibly even a credit card. However, these loans must typically still be repaid rather quickly. The general timeframe for repayment may depend on the payment schedule created by the borrower’s employer.

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