These options 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 All payments will be automatically withdrawn from your bank account via electronic funds transfers (EFT) on your scheduled due date, unless other arrangements have been requested and approved:
- Full Payment - Pay the loan in full on the due date
- Extension Only - Pay the fee for extension only (once per loan only)
- Extension Plus - Pay the fee for extension plus at least 10% of the original loan amount
- Early Payment - Pay the loan in full early less the prorated unearned interest
All payment option change requests are determined by your lender so be sure to ask about any change requests. For many lenders, your payment must be received by no later than 5:00pm EST, two bank business days before your due date. Ask your lender about their terms and conditions. Bank business days are Monday through Friday, excluding weekends and bank holidays. Terms and conditions vary by lender so be sure to ask about, and understand, all your terms and conditions, rates, payback terms, penalties, etc. about your loan.
Generally, the fee for extending aloan is an amount equal to the interest accrued up to the current loan due date (usually the finance charge previously disclosed). An extension will usually 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. Ask you lender about all your terms and conditions.
All descriptions for Extensions or Early Payments are subject to change and vary by lender. Ask your lender to explain the options available to you when they call or you call them. You may not qualify for an extension of your payment. Your lender will explain all the options available to you and answer any questions you may have.
Extension Only - The Extension Only payment option includes the earned interest fees only and may be used a maximum of one time on any one loan. Not all lenders offer this option. Ask you lender about all your terms and conditions.
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. Not all lenders offer this option. Ask you lender about all your terms and conditions.
Early Payment - Loans paid off early are usually only 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 may 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. Not all lenders offer this option. Ask you lender about all your terms and conditions.
Paid in Full - Once a lender has received clear funds for full payment on your loan you will receive a confirming notice from your lender. Ask you lender how they will contact you. Full payments made with cashiers check or money order are usually considered "paid in full" the day the payment is received. Full payments made via EFT will be marked "paid in full" once the funds clear from your bank. This process usually takes 2 bank business days, meaning a loan paid by you on Friday, via EFT, will not reach your lender's bank until the following Tuesday (if it is a 2 day weekend). Not all lenders offer this option. Ask you lender about all your terms and conditions.
Payment Reminder - For your convenience, most lenders 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 emails are not SPAM blocked. Not all lenders offer this option. Ask you lender about all how they will contact you.