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How to Pay and Get Paid with Payday Loans
One of the biggest questions that people have about getting payday loans online is, “How do I pay and get paid?” If you’re not doing business with the lender in person, then it can seem confusing as to how you get the funds and then eventually pay them back. The process with these online lenders is actually relatively simple and shouldn’t be cause for any concern.
For starters, the requested loan amount is deposited directly into your checking account. Of course, having a checking account is one of the major requirements for getting a payday loan. You also have to provide your bank account number so that the funds can be deposited directly into the account. You don’t have to wait for any checks to come in the mail or approvals from your bank. Most payday loans online will appear in your bank account in one business day or less.
To pay back the funds, you really don’t have to think about it at all. Many online lenders will automatically withdraw the agreed-upon amount. This means that they will take out the amount of the loan and the fees charged in relation to that loan. You won’t have to worry about a thing. In general, you have two weeks to come up with an adequate amount of money to repay the loan. In most cases, you should be able to come up with the desired amount of money on your next paycheck, so you don’t have to worry.
If you need an extension, then you can ask for one. Of course, you should always let your lenders know if you need an extension or you don’t think you’ll be able to pay on time. If they withdraw money, you could be on the hook for overdraft charges from your banking institution. If you let them know beforehand, then your loan repayment will be rolled over for another two weeks and the fee levied will be doubled. For instance, if you took out a $200 loan and the initial fee the lender charged was $30, then the two-week extension will force you to pay an added $30. The total repayment in this case would be $260 instead of $230.
But, again, in most cases you won’t have to worry about coming up short. Most payday loans online are based on your current income and you should be able to pay the loan back in plenty of time.