How do I repay a Payday Loan?

Question

Liam,

Last updated:

May 22, 2020

1086

I was approved for a short-term Payday Loan. The term is 30 days. How shall I do the repayment when the loan is due?

COMPACOM TEAM · Answer 1 · 2019-03-24T16:00:00-04:00

There are several options to pay off a Payday Loan:

The lenders cashes the post-dated check you gave him when you obtained the loan;
The lender withdraws money from an electronic debit of your account with the help of the authorization you provided when got the cash advance;
You return to the Payday store on a due date and redeem the check.

With any of these options keep in mind that the most important thing is to be able to pay off on time not to be charged any additional penalty fees.