Early Payment allows borrowers to pay off the loan before its due date.
Doing so will reduce the loan’s cost because all the fees will be calculated only up to the earlier payday.
Direct Loans Lenders’ advice: try to pay off your loans early, especially if you get some extra income, like a bonus, or a pay rise.
How can I pay off my payday loan faster?
How to get out of payday loan debt
- Look at all your debts together.
- Prioritize high-interest debts.
- Ask for an extended payment plan.
- Refinance with a personal loan.
- Get a credit union payday alternative loan.
- Look into payday loan debt assistance.
- Borrow from your support network.
- Turn to your job for debt help.
What happens if I can’t pay my payday loan?
When you take out a payday loan, many lenders don’t check credit or care about your financial situation. Defaulting happens when you can’t pay back your loans on time. This can cause your credit score to plummet, your wages to be garnished, and future loans to have high interest rates.
Can you go to jail for not paying back a payday loan?
You will not go to jail if you do not pay a “payday” loan. The law in the United States is very clear – debtors cannot be jailed for failing to pay a debt. Our U.S. Constitution prohibits imprisonment for debt. Furthermore, debt collection is a civil law matter, not a criminal matter..