The term of each faxless payday loan varies from 4 to 18 days. These loans normally coincide with the applicant's next payday.
Some lenders may vary the interest rate according to the duration of
the payday loan being taken. In most cases though, they'll fix the fee
for every $100 being loaned per payday period.
Many also offer the option of rolling over a loan to the next payday up to two paydays. Rolling over a payday loan should be considered a last resort because the fees usually double.
You should never default on payday loans.
This is important because a variety of things could happen as a result.
Several options are available and you should always speak with your
lender to address any issues you have. See the article 'How to Resolve a Loan If You Have Insufficient Funds' for more information on your options if you're facing any difficulties.
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