A payday loan can be a perfect choice for anyone who needs some funds quickly and easily. Loan repayments will be collected automatically each month on the agreed date as long as there is enough money in your account to pay it.
Repayments from Finger Finance, as with most lenders, are always taken in equal monthly instalments. You will be paying back the money you have borrowed alongside the interest you owe. The amount you will pay will always be given to you in writing as part of your loan agreement, which you will electronically sign. This means there will be no added fees and no surprises. You will pay exactly what you have been quoted as long as repayments are taken on time.
Payday Loan Repayment Example
- You need to borrow $500 for 4 months
- Interest rate 200% p.a.
| Payment 1 | $125 (Loan repayment) + $83.33 (Interest added)
$208.33 – Total payment for the month |
| Payment 2 | $125 (Loan repayment) + $83.33 (Interest added)
$208.33 – Total payment for the month |
| Payment 3 | $125 (Loan repayment) + $83.33 (Interest added)
$208.33 – Total payment for the month |
| Payment 4 | $125 (Loan repayment) + $83.33 (Interest added)
$208.33 – Total payment for the month |
| Total Repayment | $833.33 |
When Will I Have To Repay My Payday Loan?
Repayments are typically collected on the borrower’s pay date. This is the date when the borrower is paid their salary from work each month. Some lenders may allow repayment days to be chosen by the borrower, but all this information will be clearly laid out in your loan agreement. Remember that if you have any questions you can always get in contact with your lender, who will be happy to help you.
Your repayment date will be agreed during the application process and is confirmed in your loan agreement.
Will There Be Extra Payday Loan Fees?
With Finger Finance there are no hidden fees or extra expenses to worry about. Everything you pay will be clearly laid out when your loan agreement so you don’t need to worry about how much you’ll be paying. The only scenario in which extra fees might apply is if you failed to make a payment or are late making a repayment on your loan.
Do I Need To Do Anything To Repay My Payday Loan?
Our payment system is completely automated which means you don’t need to do anything to repay your loan. This makes it incredibly easy for you, the customer, to make your repayments without stress. You just need to ensure that there is enough money in your account that your payment can be taken. On the day that the payment is due to be taken, it will simply be collected from your account automatically.
Can I Repay Back My Payday Loan Earlier?
Finger Finance allows you to repay your loan early with absolutely no fees. Other lenders may charge you extra to repay early, but with Finger Finance you can pay as soon as you’re ready.
What Happens If I Do Not Make Payday Loan Repayments On Time?
When it comes time for your loan repayment your lender will automatically withdraw the money you owe from your account. They will use the account you’ve given them when you applied for the loan. If they are unsuccessful and cannot withdraw the money you owe from your account they may break the charge of smaller chunks and attempt to extract smaller amounts from your account.
Failed attempts to withdraw the money you owe can result in bank fees you will need to pay. When attempts to take repayment are unsuccessful, lenders will often attempt to call you or anyone you gave the details of as part of your loan agreement. Communication attempts will often result in added fees to your account.
If you realise that you won’t be able to make a repayment on your own the best thing to do is get in contact with your lender quickly. Very often lenders will be more than happy to restructure your repayment and take smaller amounts that will work for you. If you find yourself falling into debt you should consider talking to a financial advisor. Many financial advisors will work for free with charities to support people who are struggling with debt. If you begin to struggle it’s important that you acknowledge that you need support in paying off your loans.
