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Users of deposit advance from banks or users of payday loans, must repay the loan in full on their next payday, they frequently find it necessary to borrow again to pay the advance off.  In fact, two bank regulators, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (FDIC), recently instructed the banks they regulate to essentially get out of the deposit advance business. They concluded that a loan that a borrower typically cannot repay without borrowing again is not the kind of safe and sound banking practice expected of FDIC-insured institutions.

Like these options the PayUback loan must be repaid on the next payday.  But we understand there may be times when you will need more time.  When you do, just ask for a PayUback Extension or PUB extension loan to spread out your payments, either when you take out the PayUback loan or anytime at least (3) business days before your next payday.

You decide how much you can pay back on payday (you must pay at least 20 %) and how many more paydays you want to pay back the balance.  Say you borrowed $300 on July 7, so you owe $345 on your next payday, July 19.  You decide you can pay the fee plus one-third of the loan amount leaving a balance of $200 which you want to pay pay back over the next two paydays.  You have a choice!

You could just take (2) additional PayUback loans, the first for $200 and the last for $100 for fees totaling another $45.00, all of which goes toward your short-term and long-term saving.  Or you could take a PUB extension with (2) non-refundable transaction fees totaling $9.98.

With the PUB extension you can spread the unpaid balance of your PayUback loan over as much as six additional bi-weekly paydays (3 months) by adding a $4.99  transaction fee for each additional payment.

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