Have you seen the terms multi payment payday loans online lately? If you have, it's probably not true and is just a ploy to make you get payday loansfrom that site.
As it is, there are no installment payday loansschemes being offered by payday loanslenders. In fact, this is one of the main reasons that most industry analysts warn consumers about - because payday loansdo not provide multi-payment payday loanplans, you are more likely to end in a never-ending cycle of payday loan extensions.
Ok, let's repeat that - there are NO real multi-payment payday loanplans offered today. What payday loan lenders term as an installment payday loanis in reality an extensionor rolloverof the payday loan you took.
Here's the scenario - you borrow $100 and adding a finance fee of $15, you need to repay the lender $115 two weeks from now (average payday loansduration.)
After 2 weeks, you realize that hey, you can't spare $115 because then you'll be short of cash before the next payday again. So you call the payday loanslender and ask him NOT to require the whole $115.
In this case, the lender will get the finance fee $15 for now and come your next payday you still owe him $115 because he will apply a new finance fee for the original loan amount you took. Is this fair? No but that's the way payday loansare now.
