Payday Loans With Payment Plans

A payday loan, often called a cash advance, is a short term loan with high interest rates. These loans are granted to working individuals who are paid by direct deposit by their employer. There is no credit check necessary, which makes this an appealing option for anyone whose credit isn’t good enough to get a personal loan from a bank, credit union or other traditional lender. Payday loans are often used in emergency situations, for example if car repairs are needed and the money is unavailable. Although the goal is to repay the loan on the next payday, there are payday loans with payment plans.

The payment plan can be negotiated with the payday loan company in most cases. This can be stretched over weeks or months. However, the longer you keep the loan the more interest you will pay. Payday loans can result in interest as high as 300 percent. So of course it is in the best interest of the borrower to repay the loan as soon as possible, but this is not always possible for everyone. If you need to extend the loan, you can arrange to pay weekly, every two weeks or monthly. Sometimes only the interest is deducted until you choose to pay on the full amount or a partial amount of the principal.

A payday loan is very easy to get, and there are probably thousands of companies out there. You may have payday loan companies in your area. If you are using one of them, all you need to do is go in with proof of income, such as a month’s worth of check stubs or a letter from your employer stating your income. You will also need to provide your personal contact information and bank account information from which the payments will be automatically deducted on a certain date as agreed upon by you and the payday loan company. Some companies also ask for personal references.

It is important to make sure the funds are available on the date the payment will be deducted or you will pay a non-sufficient funds fee to your bank, and a fee to the payday loan company. This can get expensive fast, especially if the payment is re-run in a few days and the funds are still not there. Some companies will give you an extension if you know the funds are not going to be there and you call them to explain the problem.

Maybe you don’t have any payday loan companies near you. In that case, you can easily obtain a cash advance payday loan via the Internet. There are payday loans with payment plans from online companies. Most of these companies will require you to submit an online application, speak to a company representative over the telephone then fax your identification, bank account information and proof of income.

There are a handful of no-fax payday loan companies online. This means you are not required to fax any information to them, only submit an online application and review it with a representative over the phone. In either case, the funds should be deposited directly into your account within 24 hours of your application. There may be a delay on weekends or holidays depending on the company you are using.

When searching for payday loans with payment plans, research each company you are considering carefully. It’s a good idea to check the company out with the Better Business Bureau to make sure there are no unresolved complaints against them. This is a free service you can do at their BBB website. As previously mentioned, regardless of the payment plans offered these loans should be paid off as quickly as possible to avoid exorbitant interest rates and charges.