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Applying for a loan from direct payday loan lenders online is fast and easy. A quick trip to a direct lender's website and a few minutes of time to fill it out and off it goes. Short-term loan companies tend to collect and review applications very quickly as they know the customers are usually in a race to get emergency cash. The whole process could potentially be complete in an hour if there are no problems involved.

Once a borrower gets their hands on fast cash, their current financial emergency is relieved. The next problem is paying the loan back in full as it includes both loan plus interest fees. There are only a few short weeks to arrange the funds. Since these loans are unlike credit cards, stretching the payment out over several months or worse yet years, is not a smart financial decision.

Coming up with ways to get the loan paid off in the next two weeks is something not to be ignored. It's important to understand what the company can offer for payment arrangements. Some lenders will allow borrowers to extend their loan. This involves paying the fees and the principle gets carried over for another two weeks. It's a pricey way to buy more time to gather funds. Direct payday online lenders will expect the fees paid off each time the loan is extended. Not doing so will only put your loan into default and that is another whole set of problems you may not be willing to face. Up to that point, your loan had nothing to do with your credit history, but if you go into default, the collections agency will change that scenario.

There are some lenders that will offer what they call a 'buy down' where borrowers pay the full fees plus whatever else they can afford towards the principle balance. This is the best option if a full payoff is not possible. With each buy down, the balance decreases which will also lower the amount of fees dues at the end of the term. Smaller fees will give you more money to buy down the balance with. Borrowers who stick to this plan and put everything they have against the principle balance each time, the loan is paid off in a few short months.