You may be able to extend the terms of your loan according to your lender’s renewal policy. Renewal policies can vary depending on the lender, so we advise that you familiarise yourself with your lender’s specific renewals policy, prior to signing the loan agreement.
Note: Not all lenders operate a renewals policy.
If you wish to extend the terms of your loan you should contact your lender directly. Extensions are not guaranteed and a decision will be based on the details you provide, including information regarding your present financial circumstances. You will usually incur additional charges for renewing your loan – this should be added to the total price of your loan.
You will be usually be expected to pay the charge for your initial loan by the original due date. Your loan principal will be deferred until the new due date, agreed upon when you extend your loan. You will incur an additional charge for this. We advise, however, that you make attempts to pay off as much of the original loan as possible to reduce charges in the future.
Remember, a payday loan is designed for short-term purposes only, and extensions should not be used as a long-term financial solution.