Repayment of loan
After the ending of each paying period, PayActiv sends to its payroll department a report pointing out there all employees and their outstanding balances owed. So, the next repayment amount will be deducted from that next pay slip.
The employer automatically deducts the cash advance from the next paycheck, so there's technically no repayment term. Customers can also schedule automatic payments with Payactiv.
If you do not pay Payactiv back, it may accrue additional fees, making the total loan amount much larger. If you have problems with the payoff, contact the company in advance.
Early payoff
Customers can pay off their loans earlier, paying no fees or other penalties. So, if you have additional money and want to pay back early, you can do it.
However, you won't benefit by paying your advance off early just because there are no interest rates you can save money on.
