How long do I have to pay back the loan?

Written By Heru Kusnadi on Sunday, July 21, 2013 | 10:41 AM

How long do I have to pay back the loan?
Normally, the loan is due on your next pay date. However, many lenders will allow you to extend your loan's due date by paying an additional fee. Renewal policies are set by each lender and can differ among network lenders. It is your responsibility to read and understand the conditions of your loan, including the renewal policy, before signing the loan agreement.

Once you are matched with a lender, you will be directed to that lender's loan documents. There you will find further instructions as to what is required to complete the application process with that particular lender. Generally, you have the following choices:

    Do nothing and your loan will auto-finance.
    Fully pay off your loan.
    Pay interest and fees only and renew the loan.
    Pay part of the interest and principal and renew the loan.

Cash advance loans are short-term loans which are meant to be used as a quick solution to an emergency financial situation. They are not intended to be used as a long-term solution to serious money and credit problems. Renewing a cash advance loan will result in additional fees and increased interest payments on your original loan.

If you fail to repay your cash advance loan according to the terms of your loan agreement, the lender can begin collection proceedings against you. It is important that you review the terms and conditions of your loan agreement before committing to the loan. If you have questions or feel that you may not be able to repay the loan within the short amount of time required, it may be in your best interest to consider other types of loans from different sources.

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