If you get a payday advance do you have to pay it back all at once??

Question

Suppose I get a $1000 payday advance, do I have to pay it all back at once??

Answer 1

Are you talking about from your employer or from one of those payday loan places? Either way, bad idea.

From your employer, you're basically advertising that you can't manage your money. The payment arrangements would be up to your employer, but do you really want them knowing your personal business like that?

Those payday loan places charge like 400% interest per year! You write them a check (dated for your next payday) plus interest, then they give you the cash. Yes, they will deposit your check on the date it was written for unless you go down there and give them a new check (which is a new loan). So, yes, you have to pay it back all at once---at a very, very high interest rate.

Answer 2

no, mostly you can just pay the fee on the loan on your payday and they will continue your loan to the next payday and etc till you pay them off. But make sure you ask because you dont want to assume.

Answer 3

You can pay some with cash and the rest by taking out a new loan to pay off the rest of the old one. Then next week you do the same thing, only it costs more money. Then you never get out of debt.

Answer 4

If you were my employee, I woulod expect to get it all back at your next pay-date, unless you asked me to allow you to pay it back in installments over a reasonable period - say about 2-3 months. Employers are under no obligation to pay any staff in advance, and should they consent to do so, it should be considered a gesture of good will and satisfaction with your work performance... it's not something that all employers are willing to do, even if they have an enormous amount of cash available.