Repayment of a payday loan through the terminal is easy, convenient and saves a lot of time. But few people know about hidden stones. And overpayment is not the biggest surprise that awaits the fans of an easy life. The terminal can easily make you an unreliable borrower, and your credit history will be spoiled. Scared? No reason. If you use any service badly, you will have problems. Just be prepared and know the rules!
Some MFOs offer their customers the opportunity to cover payday loans through instant payment terminals. On the one hand, this is convenient, since there are a lot of them. On the other hand, some people don’t read carefully everything written on the screen.
It Is Comfortable
It is much more convenient to make another loan pay off in a supermarket or shopping center than to search the nearest ATM of a particular bank accepting money:
- no need to spend extra time;
- the procedure itself takes a few minutes;
- self-service terminals work around the clock and even on weekends.
Yes, the whole deal envisages a small fee for the transfer of money. But many consider it a true charge for comfort. It would seem that everything is perfect.
It’s important to know:
- The first thing you should keep in mind is more money on the loan when making the next pay-offs. The commission for service can be as much as 4-5%, and sometimes more. Accordingly, if all payments on the credit were made this way, then the total price of the borrowing increases by the amount of this commission.
- The second pitfall is that money can go through the payment system to a bank account for several days. So formally the schedule will be missed because MFO considers not the moment of depositing money into the terminal, but actual receiving. This will also lead to the accrual of additional fees and penalties for the delay in the next payment. So make sure in advance that instant is really instant.
Good news for the clients of financial companies is that their credits are relatively small amounts. In addition, MFO can have some agreements with providers of quick transfers. The decision how to pay the online credit is a very individual solution. Don’t hesitate to spend some time and study all terms and options before applying for the extra money.