If you’re having problems with paying back your loan within 2 or 3 weeks (until your next payday), you may ask a lenders to extend the term of your loan up to 60 or 90 days. Extensions come at a price however. You will have to pay the fees as your principle may stay intact. For example, if you borrow $500 for 60 days, a lender may charge you two fees of $100 each for each month you extend the term of your loan. You must remember that a payday loan is meant to be repaid at your next paycheck arrival. As such it will still cost you as much as a credit card interest rate for the entire year. Each extension is very expensive and should be avoided as much as possible.

There may be situations however that you may have no choice but to overpay. If it so happens, you may choose this option because it is available to you. If by any chance, you don’t need to do that, try to go with a regular payday loan, which you will repay at your next paycheck. Lack of money is often the cause of excessive borrowing. Borrowing money from payday stores should be the last resort. Forget a 60 day payday loan or 90 day loan and try to find a long term solution to your problem. If a loan is the only option, go with a bank. Any bank will offer you better terms and conditions than a payday lender. If you happen to have poor credit, which most of payday loan customers do, borrow money responsibly. Payday lenders are aggressive when it comes to collecting defaults.  They will hire a collection agency and file appropriate documents with the court. If you borrow money from payday lenders, have this always in mind.If you can’t afford it, don’t borrow!