Loan Payments and Extensions FAQ
When do I have to pay back my payday advance?
Your payday loan is typically due on your next payday, however most lenders will allow you to extend your loan if you pay a fee. Once you’re matched with a payday loan lender, you will be pointed to your loan’s documents where you will find specific instruction as to when your loan is due. Typically, you will have the following options:
- Pay the loan off in full
- Renew the loan and pay interest and fees only
- Renew the loan and pay interest and part of the principal
What happens if I’m unable to pay back my payday advance?
If you are unable to pay back your payday loan, you will need to contact your lender immediately.
Some lenders will permit loan extensions but this varies from lender to lender and not all states will allow extensions at all. Keep in mind, if you extend your loan, you will have to pay back your initial payday loan fee on the original due date, and then pay back the principal balance and a new extension fee by the new due date.
Please allow plenty of time to request an extension before your original due date.
Can I pay early?
If you want to pay your payday loan back early, you will need to contact your lender. Part of you initial loan fee could possibly be refunded.
Will a negative payday loan history harm my credit score?
Yes, if you fail to pay your payday loan back, your lender will report you to the subprime credit bureau including Teletrack, DP Bureau, CL Verify, or DataX. This negative reporting can prevent you from obtaining further payday loans, renting furniture and appliances, and receiving other high interest subprime loans.
Also, if your payday loan lender turns your account over to a collection agency, you could possibly be reported to one or all of the major credit bureaus: Experian, Equifax, or Trans Union.
How is my personal information being used?
Your privacy is our top concern at PaydayAdvance.org.
Our lender matching service is free to use but to utilize it you must complete one or more online application forms that request personal information from you.
Your use of our service is voluntary and is governed by our Terms of Use and Privacy Policy.
Any personal information you enter is private and only shared with participating lenders. Your personal information is encrypted and secured using 128-bit Secure Socket Layer (SSL).
Once you are matched with a lender you will be redirected to that lender’s website. PaydayAdvance.org is not a lender and your lender is solely responsible for its services to you. Once you leave our website to utilize the lender’s website you are subject to the terms of use, privacy policy and other terms of that lender. Please review the terms and conditions carefully before finalizing your loan.
