How Do I Pay Back My Payday Loan? Understanding Your Repayment Options
Wondering how you pay back a payday loan online at Mypaydayloan.com? Usually, you’ll only be able to repay your payday advance loan in three different ways.
Let’s take a look at each one now.
1. Repay Your Loan in Full (Loan Principal + Fees)
This is the simplest and best way to repay a payday loan. You’ll simply pay the full value of your loan and any applicable fees by the due date, which is usually on your next payday.
If it’s possible for you to repay your loan in full by its due date, this is definitely the best way to repay a payday loan. It ensures that you will spend the least amount of money on fees.
2. Make a Minimum Payment & Extend Your Loan Contract
Each of our loans has a minimum payment. If you can only make this minimum payment, your loan will be extended by 2 weeks. However, this also means that your loan balance will be rolled over to your next payday.
You will still need to pay fees on extended payday loans, but you won’t be charged any late fees or penalties. This is a reasonable option if you can’t repay your loan in full, but it will result in higher finance fees. Be aware of this before you make a minimum payment and extend your loan contract.
3. Make a Partial Payment to Save on Fees + Interest
If you make a partial payment (you pay more than the minimum payment) the amount you pay that exceeds your minimum payment will be removed from your loan principal, and your loan contract will be extended.
If you can’t pay your loan in full but want to save on fees, making a partial payment like this is a great option.
Know Your Options – and Get in Touch If You Need More Help
At Mypaydayloan.com, we’re always here to help our customers get the help they need. If you have any questions or think you may have serious issues paying back your loan, please contact our agents for assistance right away, and we can discuss your options in further detail.
No traditional credit checks required.
Next-Day & Same Day Funding cut-off times:
- If your payday loan application is received and approved prior to 11:50 a.m. EST Monday through Friday, you should receive the funds the same day by 5:00 p.m. your time (If same day funding requested)
- If your payday loan application is received and approved after to 11:50 a.m. EST Monday through Friday, you should receive your funds by the next business day.
- If your payday loan application is received and approved Saturday or Sunday, you should receive your funds Monday or the next business day by 5:00 p.m. your time (If same day funding requested)
- If your payday loan application is received on a bank holiday, your application will be reviewed and approved the next business day.
