How to Avoid Payday Loan Fees
Make sure that you understand the payday loan company’s policies., Pay back your loan on time., Pay your loan back early to avoid any extra fees., Make sure you have enough money in your bank account., Determine the time you have to repay your loan...
Step-by-Step Guide
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Step 1: Make sure that you understand the payday loan company’s policies.
If you have questions about your loan after you have gotten the loan, make sure to call the company and have them clarify their policies for you.
Consider going into the office to speak with an employee face-to-face and have him or her tell you about any possible fees that could be charged against you.
Discuss any fees that you think may have been hidden from you, and find out the company’s policy towards charging you if you are late in repaying your loan. -
Step 2: Pay back your loan on time.
While each company differs, you will most likely have until your next payday to pay back your loan.
This is often a period of 14 days, though some companies may give you more or less time.
Make sure that you know the exact day that you will need to pay your loan back.
Set reminders for yourself the week before, the day before, and the day that your payment is due.
That way you will know when you need to have the money in your bank account. , Some companies might give you the option to pay your loan back early.
If you have the money, you should consider doing this so that you don’t have to worry about any fees being charged against you.
To make sure that you can pay your loan back early, call the office to find out the company’s policy regarding early payments. , On the day that your payday loan must be paid back, the company will process your check.
If you have enough money in your bank account to cover the check, then your transaction will be complete and you will not be charged any fees.
Once you have enough money in your bank account, consider limiting the amount that you spend that week, in order to make sure that you have enough by the time your payment is due.
If you do not have enough money in your bank account to cover the amount on the check that you gave to the payday company, then you will be charged a fee.
Thus, if you want to avoid fees, it is very important that you have enough money in your account. , Some companies will give you a grace period in which you put the designated amount of money into your bank account.
However, this grace period will most likely come with a fee, so try to have the money in your account on the designated payment day.
Some states do not allow companies to give you a grace period.
If you do not have the money within the designated grace period, your information may be handed over to a collections department, at which time you will most likely face fees from both the payday company, and the collections company, so try to have the money on time to avoid these fees. , If you need more money, or you do not have the money to pay back the loan on time, you could consider extending your loan for another payday period.
However, you will most likely be charged a fee to do this so, if possible, skip this process entirely by making sure to pay your loan back on time.
Keep in mind that some states do not allow payday companies to issue you renewed loans.
Make sure to speak with the company about their policies, and fees, regarding the renewal of loans. -
Step 3: Pay your loan back early to avoid any extra fees.
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Step 4: Make sure you have enough money in your bank account.
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Step 5: Determine the time you have to repay your loan if you did not have enough money in your account.
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Step 6: Avoid extending your payday loan.
Detailed Guide
If you have questions about your loan after you have gotten the loan, make sure to call the company and have them clarify their policies for you.
Consider going into the office to speak with an employee face-to-face and have him or her tell you about any possible fees that could be charged against you.
Discuss any fees that you think may have been hidden from you, and find out the company’s policy towards charging you if you are late in repaying your loan.
While each company differs, you will most likely have until your next payday to pay back your loan.
This is often a period of 14 days, though some companies may give you more or less time.
Make sure that you know the exact day that you will need to pay your loan back.
Set reminders for yourself the week before, the day before, and the day that your payment is due.
That way you will know when you need to have the money in your bank account. , Some companies might give you the option to pay your loan back early.
If you have the money, you should consider doing this so that you don’t have to worry about any fees being charged against you.
To make sure that you can pay your loan back early, call the office to find out the company’s policy regarding early payments. , On the day that your payday loan must be paid back, the company will process your check.
If you have enough money in your bank account to cover the check, then your transaction will be complete and you will not be charged any fees.
Once you have enough money in your bank account, consider limiting the amount that you spend that week, in order to make sure that you have enough by the time your payment is due.
If you do not have enough money in your bank account to cover the amount on the check that you gave to the payday company, then you will be charged a fee.
Thus, if you want to avoid fees, it is very important that you have enough money in your account. , Some companies will give you a grace period in which you put the designated amount of money into your bank account.
However, this grace period will most likely come with a fee, so try to have the money in your account on the designated payment day.
Some states do not allow companies to give you a grace period.
If you do not have the money within the designated grace period, your information may be handed over to a collections department, at which time you will most likely face fees from both the payday company, and the collections company, so try to have the money on time to avoid these fees. , If you need more money, or you do not have the money to pay back the loan on time, you could consider extending your loan for another payday period.
However, you will most likely be charged a fee to do this so, if possible, skip this process entirely by making sure to pay your loan back on time.
Keep in mind that some states do not allow payday companies to issue you renewed loans.
Make sure to speak with the company about their policies, and fees, regarding the renewal of loans.
About the Author
Douglas Roberts
Enthusiastic about teaching organization techniques through clear, step-by-step guides.
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