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.
Avoid using them for ongoing costs such as rent, groceries or utility bills.
If you use them in this way, you may end up in financial trouble.
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). 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.
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All payments will be automatically withdrawn from your bank account via electronic funds transfers (EFT) on your scheduled due date, unless other arrangements have been requested and approved: All payment option change requests are determined by your lender so be sure to ask about any change requests.
Full payments made via EFT will be marked "paid in full" once the funds clear from your bank.Before taking out a payday loan, be very sure that you can pay it back within two weeks. Your debt can keep growing and you can end up paying a lot of money over time.Figure 1: Comparing the cost of a payday loan with a line of credit, overdraft protection on a chequing account and a cash advance on a credit card. Which is equivalent to a yearly interest rate of 546%.Generally, payday lenders will require proof that you have: In most cases, the payday lender will deposit money in your bank account or give you cash.However, in some cases, the payday lender may ask you to take the loan on a prepaid card. Some payday lenders require you to repay your loan at the same location where you got your loan.