Flexible Payment Plans
When looking to get a cash loan there are only a few types of payments plans available. When choosing your payment option it is important to think through the amount of money you have coming into your bank account over the next few days or even weeks. That should be the biggest factor in deciding which type of payment plan makes the most sense for you.
Flexible Payment Plans:
The most popular option is using flexible payment plans. This specific type of payment plan allows you to pay back your loan installments of a few hundred dollars. This is a great option for people who do not have a large pay check coming in the next few days. If you are in desperate need of cash and need to pay the loan back over time, a flexible payment plan is the perfect option. The usual length of a flexible payment plan is a few weeks after you loan is do. You are expected to pay the loan back on time and there are some stiff penalties if you miss. So only go with this type of plan if you are sure you can make the payments on time.
Single Payment Plans:
Another option is to pay the loan in one lump sum. As we have talked about here on Payday Loans Central before, this is the easiest and preferred option for loan lending companies. They will actually give you a discount on your interest rate if you select this type of payment plan. The reason they like this so much is they get their money quickly and in one large sum at the end of the loan period. They are a lot less likely to have someone miss a payment if they only need to make one.
Lastly you can attempt to secure a delayed payment. This extends the loan payback period for a week or two and is a better option than taking out another payday loan. The biggest problem with this type of payment plan is you are expected to pay a larger amount back to loan lender in terms of interest rate. This is an option that should only be used if you do not have cash coming in for a minimum of three weeks. Otherwise the other two option should be used as you will owe less money back to the loan lending company.
Make sure when you are researching a payday loan provider that you figure out which type of payment plan you want to use. The lump sum or flexible payment plan options are often the most popular and often used. But definitely look into how much money you have coming in over the next few weeks before you make your decision. You want to make sure your loan comes with a low interest rate and that you don’t pay too much for your cash advance.