If you have trouble paying back the loan after two weeks, the lender may extend the term of your loan for another two weeks. However, you will be asked to pay the fee for every two-week period. If you borrowed $200 and the fee is $20, you will have to pay $220 after two weeks. In case you cannot pay off the loan and need an extension, the lender may allow you another two weeks but you will now have to pay $240.
Generally, a lending company will not allow you to take out another loan until you pay off the existing one.
No credit check payday loans can provide cash quickly and easily without potentially embarrassing credit history checks. This type of loan can help get you through difficult, cash-strapped times. However, if you find yourself extending the repayment period several times, you may have to take a hard, close look at your financial situation. Loan fees can quickly pile up and before you know it, you will owe more than you can hope to pay back.
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