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PAYMENT OPTIONS

These options may vary from lender to lender.

Most lenders loans are automatically setup for Full Payment (option 1) on your scheduled due date, unless you specifically request and are approved for payment option 2-4, below. All payments will be automatically withdrawn from your bank account via electronic funds transfers (EFT) on your scheduled due date, unless other arrangements have been requested and approved:

  1. Full Payment - Pay the loan in full on the due date
  2. Extension Only - Pay the fee for extension only (once per loan only)
  3. Extension Plus - Pay the fee for extension plus at least 10% of the original loan amount
  4. Early Payment - Pay the loan in full early less the prorated unearned interest

All payment option change requests must be received by email or phone, by no later than 5:00pm EST, two bank business days before your due date. Bank business days are Monday through Friday, excluding weekends and bank holidays. To be eligible for extension payment options, your account must be current and your loan due dates must fall within the 70 days from your original loan date.

The fee for extending your loan is an amount equal to the interest accrued up to your current loan due date (usually the finance charge previously disclosed). An extension will forward your remaining loan balance to your next payday, which will become your new due date, as long as your next payday is less than 31 days from your previous due date and falls within the 70 days from your original loan date.

All descriptions for Extensions or Early Payments are subject to change at any time. Ask your representative to explain the current options available to you when they call or you call them. You may not qualify for an extension of your payment. Your representative will be happy to explain all the options available to you.

Extension Only - The Extension Only payment option includes the earned interest fees only and can be used a maximum of one time on any one loan. We strongly recommend making an additional payment towards principal at every available opportunity, in order to reduce future interest fees and overall loan cost.

Extension Plus - The Extension Plus payment option includes the earned interest fees plus an additional 10% or more of your original loan balance, paid towards principal loan pay down. If you cannot pay off your loan in full, this option helps reduce your principal loan balance and reduces future interest fees and overall loan cost.

Early Payment - Loans paid off early will only be charged the principal loan balance, plus the pro-rated earned interest to the scheduled pay off date. For example, If you borrow $300, due on your next payday in 14 days, the interest fee would normally be $60 for a total balance due of $360. If you decide to payoff the loan in 7 days, instead of 14 days, then your total balance due would be $330, saving you $30 in interest.

Paid in Full - Once we have received clear funds for full payment on your loan, your loan will be marked "paid in full", and you will receive a confirming notice via email. Full payments made with cashiers check or money order will be marked "paid in full" the day we receive the payment. Full payments made via EFT will be marked "paid in full" once we receive cleared funds from your bank. This process usually takes 2 bank business days, meaning a loan paid by you on Friday, via EFT, will not reach our bank until the following Tuesday (if it is a 2 day weekend).

Payment Reminder - For your convenience, we will automatically email a payment reminder to the email address on your account. This email will show your loan balance, due date and our payment options. To ensure that you receive this payment reminder, it is your responsibility to make sure that we have your correct email address and that our emails are not SPAM blocked.