Payday loans are short-term. Most cash advance loans will need to be repaid when you receive your next paycheck. This infographic showcases some quick tips to make repaying a payday loan as painless as the process to acquire it.
First, read the fine print to ensure there are no surprises, make sure you read the fine print on your payday loan agreement. Missing the deadline for repayment may result in additional fees.
Create a plan before applying for the loan, make sure you have a plan to repay it. Furthermore, it can be tempting to borrow more than you need, but keep in mind you will be responsible for paying back everything you borrowed, and the fees associated with your loan are linked to the loan amount.
Consider extended payment plans some loans will allow you to repay the loan over a longer period of time. If you know it will be difficult to repay a payday loan with your very next paycheck, inquire about an extended repayment plan.