Cash advance loans are good sources for financial aid for cash emergencies. However, when borrowers fail to pay at the given due dates or if the paycheck is not enough to pay the loan, most cash advance lenders offer the option of a loan extension. There are many reasons why a borrower cannot meet his financial obligations to a cash advance lender. Many circumstances are accommodated by most lenders and some are even generous to grant a borrower repayment extensions.
To avoid the lending company from directly debiting your bank account, you must inform them of your intention to get an extension. That way, you won’t have to pay for bank charges for insufficient funds on your bank account. Usually, cash advance lenders require their clients to get extensions on specific days at a certain period of time, or on the day before the loan is due. When a client fails to get an extension, he will be charged with additional late fees.
With the advent of technology, you can get loan extensions online. All you have to do is to access your personal account on the website of your cash advance lender, then enter your username and password. Then you click a link or check a box indicating your intention to get a loan extension. Finally, enter the new due date for your loan.
Make sure that when you get an extension, the new due date is when you get your next paycheck. Some cash advance lenders require that this new due date should be at least four days away or less than eighteen days from the original date. This means that the new date will not be a month or two months away from your next paycheck.
Once you are approved for your request to get a loan extension, the cash advance lender will only debit the interest of the loan from your bank account. However, you can only get cash advance loan extensions three times. After that, you must find ways on how to settle your loan. If still unable to pay the loan, there are cash advance lenders who accept partial payments. This arrangement is often advised and preferred by them.