how long to pay back payday loan

Melissa Melton

LoanSafe Member
Feb 11, 2013
1
0
0
I just got a payday loan. I really needed one because I'm not only trying to help out my friend, but in a little bit of a pickle myself.

Me, my boyfriend my friend and her boyfriend were all living together in a house we were renting for $2,000 a month. We split it down the middle 50/50, but my friend broke up with her bf. That was about a month ago and we needed to pay rent. I couldn't just walk away from the house, because my boyfriend would be really mad at me. As a result I took out a payday loan for about $636. I didn't really realize the interest would be at 25%. In addition I can pay back about 595 now. How long do I have to pay off the loan. If I don't pay the entire balance right away will I have to pay 20% interest of the remaining amount?
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
I just got a payday loan. I really needed one because I'm not only trying to help out my friend, but in a little bit of a pickle myself.

Me, my boyfriend my friend and her boyfriend were all living together in a house we were renting for $2,000 a month. We split it down the middle 50/50, but my friend broke up with her bf. That was about a month ago and we needed to pay rent. I couldn't just walk away from the house, because my boyfriend would be really mad at me. As a result I took out a payday loan for about $636. I didn't really realize the interest would be at 25%. In addition I can pay back about 595 now. How long do I have to pay off the loan. If I don't pay the entire balance right away will I have to pay 20% interest of the remaining amount?
We wouldn't have that information, you would need to contact the place where you took out the loan because they should have had you sign a document with this information clearly spelled out and they also would have had this information posted in their establishment.