Easy Payments

Payments are also handled online. Most payday loan companies by default will charge your checking account finance fees after your next payday. However, you can choose to pay a portion of balance or total loan amount. Your payments are processed online, so you don’t have to worry about mailing in paper checks.

Speaking With A Representative

Even though your entire application and repayment plan can be processed online, you can speak with company representative if you have any questions. If you need to change your repayment plan, they can approve those changes. They can also answer questions about fees and rates, but reputable companies will list that information on their website.

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Your approved loan amount will depend on your state’s laws and income level. $500 is a typical loan amount, but in some cases you can borrow up to $1000. Once your application is approved, you can decide on your loan amount which will then be electronically deposited into your checking account.

Choose Your Payment Option

Once you have been approved for a payday loan, you will also need to choose best payment option. By default most payday loan companies will charge you only a finance charge on your next payday. However, you can choose to pay part of your loan’s principal or all of it. The longer you take to pay back your loan, more you will pay in finance charges. Decide ahead of time how soon you can pay back loan amount and set up payment plan at beginning.

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