How Long will it take to Repay my Payday Loan?

If you are considering taking out a payday loan then it is worth thinking hard about the decision. All borrowing comes with risk and cost and so wherever you are borrowing money from and whatever type of loan you have, you should make sure that you are clear about all of the details before you go ahead. As a payday loan can be quite different to other loans, then you may have more questions and it is wise to understand everything before you sign up to anything. One item that you might be confused about could be how long it will take to repay the loan. Many loans have instalment payments and a fixed term over which you have to repay it. However, payday loans are different and so it is important to make sure that you have a good understanding of how they work before you sign up to one. You need to know what the expectations will be so that you can work out whether they are something that you will be able to stick to.

How do Payday loan repayments work?

With a loan repayment you will need to make sure that you are able to repay it when it is due so that you avoid attracting any extra fees or charges. With a payday loan there is no exception to this, however the time you have to repay is different. You will normally be expected to repay the loan within a few weeks of receiving the money. This because you will repay a payday loan on your next pay day. This could be anything from four weeks to just a few days. The longer you borrow the money for, the more expensive the loan will be.

You will need to be prepared to pay out this large sum of money in one instalment. This could be easier for some people than others. It all depends on how much you have borrowed, how much you earn and what other money you have to pay out. It is wise to make sure that you will have the money that is needed or budget careful to ensure you spend as little as possible so you will have enough. Make sure that you consider the fact that you will not only need to repay the loan, but you will need to manage until your next pay day and therefore be able to pay all of your other expenses as well.

How long will it take me to repay?

It is hard to say how long it will take you to repay a payday loan. If all goes well you should repay it on full on your next pay day. This means that the loan will only last until you next get paid. This could be anything form a few days to about four weeks. This means that the loan should be all over and done with within a month.

However, if you do not manage to make the payment or you only make a partial repayment, then it will last longer. It is likely that the lender will want the money as soon as possible though and so you may need to repay as much as you can, as soon as you can rather than waiting until your next pay day. If you struggle to repay then you will need to negotiate this with the lender if possible.

Hopefully you will be able to repay the loan when it is due and you will not have to pay any extra. You will be able to find out when it is due as it will coincide with the day that you get your pay check.


As a payday loan is quite different to other loan types the repayments are different. You will normally be expected to make one lump sum payment on the day that you are paid rather than paying in instalments or on a more ad hoc basis like you would with a credit card. It is therefore important to understand when and how much you will have to pay so that you know that there will be enough money available to cover it.

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