What does re-finance a pay day loan mean?
I have a lovely pay day loan out (ugh!) The company I go through they gives their customers an option to refinance the loan. What exactly does "refinancing" do?
Oooooooh duh. Well I guess i’ll have to do this for 2 more weeks. *sighs*
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It means that they will give you another pay-day loan for the amount of the original pay-day loan plus the unpaid interest.
It means you pay only the interest and delay paying the loan off. This is a really bad idea.
Re-financing means to apply for a lower interest rate that goes along with a longer payment period. You would be lowering your monthly payments on the loan, but would be paying them for a longer period of time.
This is very popular with student loans, as I have refinanced these myself. I thought it helped immensely.