Multi Payment Payday Loans
Posted on March 8, 2008
Filed Under Payday Loans
What is it?
Multi payment payday loans allow the borrower to repay the loan in multiple installments as opposed to paying it off at the next payday.
What are the advantages?
The advantages to the borrower is that lenders that offer this service will often provide this facility at lower cost than compared to the penalties that are incurred if the borrower actually require more time to repay the loan. This multi payment facility is especially advantageous if the borrower is aware at outset that they will have difficulty paying the loan in full at the repayment date. Lenders will also often pro rata the fees if the loan was paid in full earlier than the period of installment plan that was originally put in place.
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