When will my payday loan be due?

A payday loan gets its name from its typical due date. A payday loan is due on the borrower’s payday following the approval of the loan. In general, this means two weeks from the date the contract is signed. Larger loan periods are negotiable between the borrower and lender, up to a maximum period that is regulated by state law. A payday advance loan is meant to be a short-term loan, so the loan periods, as well as the loan amounts, are regulated to protect the borrower.

Because the loan period is so short, take the time to get all the facts about a payday loan before applying. Be sure that the full repayment, including the service fee, can be worked into your budget when repayment is due. Some payday lenders will contact you with a reminder that your repayment date is coming up soon. Nevertheless, make sure you record the repayment date so you remember to make your payment on time.

When used as intended, payday cash advance loans can be a responsible option for occasional, unexpected expenses. Make sure to consider your budget and the loan repayment terms carefully to ensure that your payday loan works for you.