All about Payday Loans What is a Payday Loan? Required Documentation Payday loan seekers Selecting a Loan Lender Are there disadvantages? Payday Loan procedures Impacts on your life How big of a loan? Tips for Payday Loans Who is qualified? Repaying Your Loan		Repaying Your Payday Loan   As with other aspects of the payday loan versus a regular loan, the payday loan also has unique repayment options. There are three basic ways that most companies will allow you to pay back your loan.   Options for Repayment 1. You can pay only the finance charge on your payday loan. Most companies will automatically debit only the finance charge for your loan that will be due over several different paydays. You will still owe your full loan fee as well as another finance charge debited on the next payday. Many places will fully refinance your loan four times after the first due date. After that, they will debit a larger amount until your loan is paid in full. Companies may use a slightly different setup than this, or you may be able to request a different payment plan. 2. You can pay the finance charge of your cash advance as well as a payment towards the entire amount of your payday loan. If you would like to make payments more frequently than required, you will need to contact the loan company a few days in advance so that they can stop that debit on your account. Often your loan payments will have to be in specific increments for the company to accept the payments. 3. You can also pay your loan in full at one time. If you do want to use this option, you will either need to tell your lender at the time of the loan or at least three days prior to your payday so that they will know not to take the money from your account.