The term of your payday loan will vary between states and lenders, but your full balance is generally due on your next pay date. Some lenders may charge additional fees if you aren’t able to make your scheduled payment. Before applying for a short-term personal loan, it’s always important to make sure you have a pre-determined plan to pay off what you’ll owe to avoid accruing additional fees. You should never take out a loan if you don’t have the means to pay it back.