How do I repay the Payday Loan?

A Payday Loan is characterised by a short repayment period and must be repaid in the term which is stated in the agreement (14-31 days), usually with your next paycheck. If you can do it earlier there won’t be any prepayment penalty.

It’s a very easy procedure. When you take a payday loan you just give the lender a check or access to your bank account. And when you get the next pay-check he just withdraws the necessary amount from your account.

The term depends:

  • firstly, on the state's regulations
  • secondly, on the lender's conditions

To repay it on time, make sure to plan your budget carefully. Don't borrow more than you need. Don't rollover the loan.