Do I have to pay off my payday loan on my next paycheck?
Payday Loan companies realize that you have other expenses that will need cash from your paycheck. This is why you have options when it comes to paying back your cash advance loan. When you receive your paycheck the finance charge from your payday loan will be deducted from your checking account. This is a small amount relative to the size of the payday loan you applied for. Now you can simply decide whether you want to pay more towards the balance of your payday loan or even pay the entire cash advance loan off. If you decide to pay nothing towards the balance of your payday loan you'll be renewing your loan. This means that the next time you receive your paycheck you'll have another finance charge deducted from your checking account. You can only renew a payday loan so many times so its always good to pay something towards your payday loan.
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