Long Term Payday Loans
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The idea behind payday loans is that they are for short-term borrowing. This is because they are expensive and the interest rate is much higher. It is also utterly significant that you fully understand the interest costs and other charges before you take out the loan.
lowest repay amount
lowest repay amount
How to choose a loan
When you come to pick a loan having used our slider to see what are available, there are two main points to consider. The very first of these is the financial side, who gives the best deal for me? But also consider the company and their reputation, are they helpful if something goes wrong?
Long term loans
Most payday loans will be over a period of 30 days but with long-term payday loans, companies suggest the loan over a longer period. They may also suggest a larger loan than a 30-day loan will do. It will still be more expensive than borrowing money from a bank but involves less credit checking and processing.
When you plan to take one of these loans, it is vital that you know how you are going to pay it back. Missing the due date on a loan will cost you more money and will spoil your credit rating so having a plan in place for the repayments and sticking to it is very significant.
Consider the lender too, can you get in touch with them if there is a problem? What is their customer feedback like? It is good to know that the company you are dealing with is ethical in its practises and treats its customers fairly.
There are also some significant information they should give you before you take the loan, how much you have to pay back at the end including the interest, what happens and what it costs if you don&rsquo,t and the consequences of missing the payment date. Regulations state they have to tell you all of this as well as about the Continuous Payment Authority process. Ultimately, they should remind you that late and non-payment of the loan can lead to serious financial problems.
Repaying the loan
There are typically two methods for repaying the loan, by debit card or by CPA. If you want to pay just before it is due, you can contact the lender with your debit card and make a payment over the phone. Otherwise, they will use the CPA method to collect from your bank and if you don&rsquo,t have the money for this in the account, your bank will charge you.
If this looks like it might happen, you need to contact your bank at least a day before the payment is due. They can stop the CPA then you need to contact the lender to make alternative arrangements.
If there is absolutely no way you can make the payment on the due date, you should contact the lender to see if they can suggest an extension. Some lenders will also suggest a rollover of a loan, but recall this is a fresh loan with a fresh payment date and a fresh amount of interest added to the account. Generally, if a lender does permit rollover of loans, they won&rsquo,t do this more than twice.
If you are facing financial problems, there is help out there and your lender will give you the information for who to speak to.
Bad credit issues
Some lenders won&rsquo,t give this type of longer payday loan to someone with a bad credit record so a shorter period of loan may be the best bet. However, those that will may not suggest the best interest rate they have or add other terms to ensure that the loan proceeds slickly. It is crucial to pay the loan back on time when you have a poor credit rating because by doing this you are commencing to rebuild your rating. Never take a loan out just for this reason, however.
While not as large a market as the 30-day payday loans market, there are companies out there that can help with longer term payday loans. Always consider if this is the best option before taking one of these loans and ensure you pay it back in time to avoid future financial problems.