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What if I cannot repay my
loan by the due date?
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Renew the loan: If
the loan has not been renewed the maximum of 4 times, you
can renew your loan.
Under this option we would just collect the
finance charge on the due date. You do not have to notify us if you will
renew the loan, as we will do it for you
automatically.
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Workout the loan: If
the loan has been renewed the maximum of 4 times, you can
workout your loan.
Under this option we would just collect the finance charge plus 10%
of the original loan amount rounded to the nearest $10 increment on the due date. You do not
have to notify us if you will workout the loan, as we will do it
for you automatically.
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Pay Off the loan:
Pay back the loan in full plus the finance charge on the
due date. (You will need to contact us by e-mail or
phone.)
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Partial Paydown: Pay back a portion of your
loan plus the finance charge. This is a convenient way to pay back your
loan over a longer period of time and reduce your fees. (You
will need to contact us by e-mail or
phone.)
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If you do not choose a
payment option by 4 PM EST three days before your loan is due, and we cannot
contact you, we will assume you want to renew or workout the loan (option 1 or
2).
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