Photo by A Mclin
Renewing Loans
Because the process of paying back a loan plus fees out of your next paycheck may then leave you short for the next pay period you may want to look for a fast cash loan that allows you a few paychecks to pay back your loan. If this is not possible, it is important to ask whether you can repay and then take out another loan. Laws differ from state to state, and there may be a limit to how many loans you can take out in a certain time period.
Some lenders let you get a new loan the same day that you repay your previous loan. You may still have to pay lender fees on the new loan, so plan accordingly. Payday loans are meant to be a short-term solution, not a permanent answer to debt, so avoid reapplying if you can.
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