Find out all about long term payday loans, including what to look for and what they are, exactly. You'll also find the general requirements to be approved for a long term payday advance.
How does a payday loan work?
When you get a payday loan you'll need to sign a loan agreement and write a personal check for the amount of the loan, plus any fees. The loan documents will set a period of time for the loan to be repaid, usually about two weeks. Usually you'll have the option of redeeming your check by paying back the loan amount plus the fees before the loan period is up, otherwise the company will cash your check on the date specified. Payday loans are often quite expensive, charging around $20 for every $100 borrowed. This is why it pays to compare loans and get the best you can.
What is a long term payday loan?
Usually, cash advance loans are for a period of two weeks, allowing you to pay your loan on your next payday. Long term payday loans, on the other hand, are generally for a period of 30 days, or even longer. Basically, long term payday advances are merely an extension or rolling over of an existing loan. Payday loans as a rule are designed to be short term solutions, meaning these longer-term loans come with extra interest and fees, making it important to consider carefully whether you really need the loan for a long period of time.
How do I get a long term payday loan?
The easiest way to get a long term payday loan is to visit an online payday lender that you trust. If you haven't worked with the lender or company before, read reviews online and find out if they're reputable. Next, apply for a payday advance. Next, set up a long-term agreement with the lender, extending the loan period. Make sure you read carefully what the interest rate and terms will be; long term payday loans can be quite expensive and should only be done if you have no other financial option. Be aware that general requirements for a long term payday advance are as follows: you must be 18 years old, have a checking account, and make at least $1,000 each month. You won't need to pass any credit check.
What should I look for in a long term payday loan?
If you decide you do need to take out a long term payday loan make sure you select the right company. Consider interest rate, late payment penalties, and, most importantly, your purpose for obtaining the loan. First, make sure the company allows long term payday loans or cash advances--not all do. Next, compare terms and find the company that offers the lowest interest and rates available. Set up a long term agreement with the company before you sign the loan documents so that you won't be charged a late fee for each day the loan is past due, or past the two week period. Don't go with the first offer you find; you'll probably end up paying more than you should. Shop around, call and consult different lenders in your area.