If you want to clear your payday loan in full on your next payday, you can. However, the term for a payday loan is usually 3-months or more. The term payday loan shows the origins of this type of credit, which was when employees would sub money from their wages in advance. However, this was often insufficient and left their pay packet too lite the following month, so payday loans with slightly longer repayment periods make borrowing a small amount more manageable for most people.
How long you repay the loan over will depend on the repayment period you select when applying. People usually try to pay the loan as soon as they can, without causing them more financial difficulty. This means shorter loans are often taken over a shorter period, while larger loans are more likely to be taken with a longer repayment period.
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