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www.WirePayToday.net #### If you find yourself in the position where the payday loan can not be repaid on the schedule set up, there is an opportunity to roll it over, which means renew the loan. This can be done one or two times only. But think about it. One renewal on five hundred dollar, could mean up to one hundred and fifty in fees. Renew it a second time and double that fee. Let’s add it up. The fee for taking out the loan, plus two renewals, could cost you four hundred and fifty dollars to borrow five hundred dollars for less than two months!
Let’s assume that you are not having trouble with repayment. Once your payday loan is paid off, you are good to go. It shows up on your credit report as a debt that was paid according to the terms and on time. The only thing that could make it a negative, is if you have too much credit or you habitually use the short term payday loan to fix your cash flow problems.
So, to sum up, how a payday loan works is a simple process. You apply for the loan and get approved. All you really need is a job to show that you have the means to repay the loan. A paycheck will be coming to cover the debt! You receive your loan and have one or two weeks to pay it back. A large fee is charged to process this transaction. Failure to pay the loan back on time can be catastrophic to your finances.