Usually most payday loan companies offer three payment options:
You may pay the payday loan in full on the maturity date listed in your loan agreement.
You may pay the service fee and a portion of the principal on or before the maturity date.
You may pay only the service fee on the maturity date.
The best course
The best course is to remain debt-free. For this you need to stash some money for the rainy day. Catering to all contingencies that can happen in your life will help you get a fair idea of your requirements in an emergency. It may cause you some inconvenience and may even affect the quality of your life, but it is far better than getting into the rut of taking payday loans. Use payday loans only to tide over an extremely difficult period that you have not catered for. Remember, payday loan is costly cash that is best left untouched.