How to Make Payments on Payday Loans
Payday loans offer an alternative to getting a personal loan from a bank or relative. Many people use payday loans for emergencies, and other financial obligations. There are many different payday loan companies to choose from, and you can borrow as much as $1,500, depending on the company you choose. You may get a payday loan on line or in person. Payday loans are usually due no later than two weeks from the time you borrow funds. Some payday loan companies may grant you an extension in exchange for a small fee.
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Making Payments on Payday Loans
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Pay cash. If you physically borrowed funds from a payday loan store, you can walk into the store at any time and make the desired payment on your loan. Make sure you get some type of receipt indicating your beginning balance and your ending balance after your payment is applied.
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Authorize an ACH payment. Call your payday loan provider over the phone. Grant permission for them to take an Automatic Clearing House draft from your checking account. Be sure to specify the amount you want applied to your payday loan.
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Use your credit card to get a cash advance. This may be like "robbing Peter to pay Paul," but if you can't extend your payday loan, this may be your only option left. In some cases, your credit card cash advance interest rate may be cheaper than the interest rate on your payday loan.
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Use a debt consolidation company. If you have multiple payday loans, and you're having trouble making payments, a debt consolidation company may be a good option. There are many debt consolidation companies like debtconsolidationcare.com that specialize in consolidating payday loans.
A good debt consolidation company will set up a payment plan for you. You'll be able to send money orders, checks, or authorize direct drafts from your bank account to make your payday loan payment.
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