Photo by Morgan
Many fast cash loans require that the full amount and fees be paid out of your next paycheck. Others offer two payments within 30 days, while still others offer installment loans that can be spread out over several months. With a fast cash loan, your best bet is to pay it off as soon as possible, because of the high interest rate and fees. A $500 Installment loan paid out over 35 months could cost you more than $5000 in the end.
Keep in mind that there may also be fees for early payments, especially if you pay the entire balance off in advance. Some companies do not accept early payments, and they require you to schedule ACH or automatic debits ahead of time for the entire duration of the loan. Once you select your repayment dates, you may not be able to change them.
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