 TITLE: What Is a Payday Loan and How Does It Work? CONTENT: How Do I Repay a Payday Loan?\n-----------------------------\nYou're generally required to repay a payday loan with a single payment by your next payday. Because lenders have varying repayment terms, make sure to ask for the specific due date or check for the date in the agreement.\nDepending on the lender, you may have a few options to pay off your debt:\n*   A postdated check when you apply\n*   A check on your next payday\n*   Online through the lender's website\n*   A direct debit from your bank account\n*   Another form of credit\nIf you don't repay the loan when it is due, the lender can electronically withdraw money from your account.\nUnfortunately, many payday loan borrowers can't repay the debt by the due date. In fact, the CFPB found that 20% of payday borrowers default on their loans, and more than 80% of payday loans taken out by borrowers were rolled over or reborrowed within 30 days. END