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Options for Extending a Cash Advance Repayment Period

Cash advances are designed to help borrowers with short-term, unexpected cash needs until their next payday. If a borrower needs more time to pay off an existing cash advance, there may be renewal options available; however, these vary by state and lender. 

Cash advance refinancing is an option for extending the repayment period of the cash advance that allows the borrower to apply for additional financing. Borrowers who qualify for a higher loan amount than the amount of their original loan may be able to obtain a larger loan when they refinance. In some states, borrowers must pay down a portion of the existing cash advance before it can be refinanced. Additionally, some states limit the number of times a borrower can refinance a cash advance within a given period of time.

A rollover offers access to more cash – with more time to pay it back – by allowing the borrower to consolidate an active cash advance into an installment loan. Installment loans typically offer higher maximum loan amounts than cash advances, as well as longer repayment periods. With a rollover, the borrower is required to use some of the proceeds of the installment loan to pay off the cash advance finance charges. Rollovers are not available in every state. In some states, borrowers may be subject to limits on how many cash advances they can roll over within a certain time period.

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