How does the PayUback extension work?
If when you request a PayUback loan, you request more than one payment, eePAL pays off the full balance due on your next payday, while collecting only the first equal installment via payroll deduction. The remaining installments are collected along with the $4.99 transaction fee over consecutive bi-weekly paydays until the loan is paid off (as much as three months).
How does this compare with bank loan rates?
Quite often banks won’t offer such small short-term loans. The fees for extending a $750 PayUback loan would be roughly equivalent to a 30.1% APR. Smaller loans carry the same $4.99 transaction fee comparing to higher APR’s.
What’s the difference between a PayUback service fee and a transaction fee.
The “service fee” is divided into shares, which are returned to you over time until 100% of service fees plus interest have been returned. If you claim your accrued shares early, you forfeit rights to the remaining shares. Effectively, the sooner you claim your shares, the more this resembles a low cost payday loan. While the later you wait the more it looks like a interest bearing savings account.
The “transaction fee” like fees charged by banks or credit card companies are fully earned and will not be refunded. The exception is you can request that we waive one transaction fee, if you request it before requesting the PayUback loan.
I get paid on the 1st and 15th of the month. How does that work?
We treat this just like a bi-weekly pay period.
I get paid every week. How does that work?
Your original PayUback loan is repayment is divided over your next two weekly paychecks including a $2.49 transaction fee with each (unless waived). If you elect to add one or more bi-weekly extensions, each extension is split between the two weekly paychecks with the same $2.49 transaction fee.