Payment Options

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Different Payment Options for Payday Loans

Payments options for payday loans can vary from one lender to another. Your payday lender will explain the payments options that are available to you.

  1. Full Payment

    Pay the payday loan in full on the specified due date. You will get a confirming notice from your payday lender once they receive clear funds for full loan payment. Full payments that are made with money order or cashier’s check are considered “paid in full” once the payment is received. EFT payments are marked “paid in full” when funds get cleared from your bank. It usually takes 2 business days to get the funds transferred to your lender’s bank, via electronic funds transfers (EFT). All lenders do not offer this option. Check with your lender about all the terms and conditions.

  2. Extension Only

    Pay the earned interest fees only. This payment option can be used only once per payday loan. Not every payday lender provides this option. Check all the terms and conditions from your lender.

  3. Extension Plus

    Pay the earned interest fee plus at least 10% or more of the original payday loan amount. This option is great when you cannot pay your full loan amount. It reduces your principal balance, future interest fees, and loan cost. Not all payday lenders provide this option. Confirm the details from your payday lender.

  4. Early Payment

    Pay the payday loan in full before the due date. If you pay the loan early, you are only charged the principal loan amount plus the prorated earned interest to the scheduled due date. Not all payday lenders would provide this option. Ask your payday lender for all the terms and conditions.

Default Payment Options and Methods

Most payday loans are by default set up for full payment option on the specified due date unless you have requested any other payment option. All loan payments are automatically taken from your bank account via EFT on the specified due date unless you have asked for and have been approved of any other arrangements.

Your payday lender will determine any payment option change request, so make sure to ask them for any change request. For most of the lenders, your payment should be received by 5:00 PM EST, two bank business days before your specified due date. Business days for banks are Monday through Friday that excludes bank holidays. It’s important to understand all the terms and conditions, payback terms, rates, penalties, etc., before taking the loan.

Extensions or Early Payments

The fee on loan extension is equal to the interest that is accrued up to the current due date (usually the finance charge that was previously disclosed). Extending a loan will usually forward your outstanding loan balance to your next payday that becomes your new due date. However, your next payday should be less than 31 days from your previous due date.

All the clauses for Extensions or Early Payments vary by lender and are subject to change. You may not be eligible for a loan extension. Ask your lender about the options that are available to you. Your lender is the best person to answer any questions about loan extension or early payments.

Payment Reminder

Most payday lenders will automatically email a payment reminder to your email address showing your loan balance, due date, and payment options. Make sure you provide your correct email address, and your emails are not SPAM blocked, so you receive this reminder. Not every payday lender provides this option. Ask your payday lender how they will contact or email you.

What kind of lenders might I find with Cashinasnap?

There are over 100 lenders that we refer consumers to, through Each lender offers different types of loan products. Many offer short-term loans with a variety of repayment terms depending on the state you live in and its regulations.

Borrowers who are approved by a lender are usually offered somewhere between $250 – $1000* depending on monthly income, how long you’ve been at your job, etc. To help cover everyone’s needs, lenders offer a variety of financial products, like online payday loans, cash advance loans, installment loans, personal loans, and lines of credit.

When you request a loan, we refer you to our wide array of lenders and, if one wants to lend to you, they contact you directly. This process is usually only 1-3 minutes after you have submitted your loan request.

How much do I have to pay back? What is the APR?

Since CashinaSnap is not a lender, we are not able to provide or advertise the actual terms, rates, annual percentage rates (APRs), or fees associated with the loan you may receive from a lender. The reason for this is that the terms, rates, APRs, and fees vary from lender to lender and from state to state. Every lender must be licensed in the state you reside in and follow the state’s regulations, which may affect how much they can offer and the terms of that offer.

If a lender agrees to work with you, you will be shown this information as a part of the loan terms, by that lender, when you are redirected to their website and presented with a loan offer.

Please review the information the lender provides carefully and make sure that you understand how much money you will receive and how much you are required to pay back and your due date.

Each lender must provide you clear loan terms so that you can understand them. If you do not understand the terms of the loan (including the APR), do not continue or agree to the terms or provide your electronic signature.

You are not obligated to accept any loan offer; however, you will not receive the loan if you do not agree. Reach out to your lender directly if you have questions about their loan offer or if you have questions after accepting an offer.

What happens if I don’t pay the loan back on time, or don’t pay it back at all?

If you accept the terms and conditions of the loan offered to you by a lender, you agree to pay that loan back. Partial payment, non-payment, or late payment of your loan may result in additional fees, legal collection action, or your failure to pay is reported to a consumer reporting agency.

Every lender has different terms and conditions for their loans. Most lenders are often willing to work with you if you need help. If you have questions or need more information, please call your lender directly. You should always be sure you can pay back your loan when it is due to avoid these additional fees.

What is the renewal policy for these loans?

Renewal policies are different for every lender, and some states do not allow renewals or rollovers. However, some lenders may agree to alternative repayment options. Some repayment options may result in a renewed loan or additional loan fees. Make sure to review your lender’s renewal policies and let them know about your payment preferences. If you have any questions or need more information on renewal policies, call your lender directly.

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