All short term loans will have some penalties for nonpayment and fines for late repayment. Payday loans are no different. Some short term loans may be a little more reasonable and lenient than others. It is possible some payday loans will have a grace period, may be a day or two, perhaps a week. You may delay a repayment by a day or two or up to a week and you may not be charged any additional fees as fines. Most payday loans will not have such a grace period.
Flex Repay simplifies the whole process of applying for payday loans. You would get plenty of quotes in no time and you can have cash in your bank account in less than an hour in most scenarios. This steadfast process often leads borrowers to skip the essentials. You need to focus on the terms of the agreement. You will find the clauses pertaining to nonpayment, late repayment and other issues that you may have in due course of time. You should not forget to read and assess these terms in the right context. As a borrower, you should not be surprised when a fine or penalty is levied on you when you miss a repayment or you do not pay the entire loan amount with the interest.
Many lenders of short term loans may have similar charges. Reading the terms of one or two agreement may lead you to believe that other lenders will have the same clauses. This is not the case. Every lender has the right to levy penalties or fines and it is up to their discretion. You should not presume what the charges could be. Read the fine print and proceed to sign up for payday loans only when you are lucid about everything you are and would be liable for.