A payday loan by nature is a short term loan meant to deal with the short term financial hassles typically arising between the paydays. However, you could extend your short term payday loans to a longer period through the extension options offered by the payday loan lenders.
That's how a long-term payday loan comes into existence. However, payday loan extension makes the finance charge of your original loan amount to bloat and also brings with it extension fees. A 30 day payday loan is probably your best bet if you're really in need of a long-term payday loan. Some lenders offer more than 30 days to repay your payday loan online. It's very important to read the instructions on both long term and short-term payday loans.
In a 30 day payday loan you're allowed to pay back half the loan amount within two weeks and pay back the rest of the amount within the month. Since payday loans are generally short term, you're required to specify before signing the terms and conditions that you're looking for the faxless payday loans, so that you can avoid late payment and extension fees. Not all lenders offer 30 day payday loan, though.
That's where reading the terms and conditions becomes important. Discuss with the payday loan counselors about your long term need, and if they offer the long-term payday loan that satisfies you go for it.
Rates are what any loan is all about, and they could discourage many individuals suffering from bad credit from approaching lenders. What sets short term payday loans apart is the fact that that many payday loan lenders offer their cash services even for individuals with bad credit.
If you're in a really bad credit situation and you have mounting cash needs between your paydays, the payday loan is just about the only option you have of setting your finances in order and rebuilding your credit.
But before you select a payday loan lender, make sure you get the Payday loan rates right. Payday loan rates include the finance charge or interest rate for the loan amount you borrow, and other charges for the application, extension, and flexible repayment options.
Generally finance charges for payday loans range from $15 to $30 per $100 borrowed, which would translate to 390% to 780% in APR rates. Payday lenders are required by law to publish their APR rates and give you any information you demand about the rates and the terms and conditions of the no teletrack payday loans. The APR is the Annual Percentage of Rate of Interest.
Before you apply or agree to the terms and conditions ensure that you check out the APR comparison chart. Some states such as New Mexico have passed laws regulating the rate of interest charged. Payday loan rates also depend on your credit score. Your credit score may not discourage you from a payday lender, but the better your credit rating the more competitive the rates you're charged.