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Recurring Payment is Effective for Payday Loans

By Julia Roger Subscribe to RSS | May 25th 2012 | Views:
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Recurring payments can be successfully used to pay loans. Many Lenders across the world are using it to good effect for themselves. But before you are ready to pay the loan in this manner, you should carefully inspect the pros and cons of it.

First of all, you need to pretty sure about recurring payment and all the features related to it. They are nothing but some amount paid regularly using your credit or debit cards for some subscription, bills, loans etc. The lender uses his credit or debit card to pay the loan at a regular basis after an interval of time. Problem occurs when you don’t have enough funds in your account or are unable to deposit the amount to the creditor bank in time. The outcome is that you need to pay more or some hefty penalty charges are adhered to you which is never welcomed.

Prior to the setting up of recurring payments mode of loan payment, you should also consider about the other ways of paying the loan. It may happen that the alternate ways of paying the loan is actually better than your method of payment. Direct debit approach is a new way of paying the loan. By signing this consent, you give the permission to a third party to collect a pre-defined sum from your account. In case some problem arises or you’re unable to pay, this scheme has ways of solving your problems. Another mode called the standing order provides your bank with the authority to pay a third party on dates and amount of money fixed by you.

It may also happen that you want to cancel these ways of payment and go back to your old recurring payment. Cancelling these two forms of payment is very easy. You just need to send a notice to bank that you’ve stopped availing the services and it should immediately stop any further payments.

Julia Roger - About Author:
:- For more information on recurring payments, check out the info available online at http://www.ccrebills.com/recurring-billing-business-model.html

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