Pay day loan for 240.00 taken dec 27 of 17, wanted a payment plan for end of january. But was told because the dates werent the same, the computer couldnt set up payment plan. IS THIS TRUE?
The answer lies in state regulations involving payday loans. In most states, to operate without competing with real financial institutions like banks and credit unions, payday loans are required to be paid in full at the end of the loan term. That is why they are called "payday loans." So to get around this, at the end of the loan term, the lenders typically give you a new loan to pay off the old loan, and with the fees involved, you just dig deeper into debt. If you want a loan with payment terms, borrow from a bank. Hope this perspective helps!
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No, that is silly, just as you thought.
It is not the end of January, so go ahead and pay it, but you might owe them a few extra dollars for additional interest.
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