What is a 30-day payday loan?
A 30-day payday loan option is a new change in the terms of payday loans. Traditionally, payday loans were due to be paid in full either two weeks from the loan origination day, or on the borrowers next payday.
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Is A 30-Day Payday Loan Too Short
For some, the old time period seemed too short. Especially if the loan was for a significant amount of money. Additionally, there are individuals that are only paid on a monthly basis.
These people had previously been able to obtain a traditional payday loan. In an effort to accommodate everyone, many lenders are now offering the 30-day payday loan, which allows a full month for repayment.
The terms of this type of loan will be similar to any other payday loan, with the only exception being that you will have a longer amount of time before the loan is due.
Terms do vary by lending institution, so be sure to ask if any additional fees will be charged for securing a longer loan period. In most cases, there is no additional charge for this service.
Can I Get Larger Loans On My First 30 Day Loan?
It may be possible to obtain a larger loan using this method. Two-week loans are generally held to lower amounts, as the lender realizes that the borrower may not have the ability to repay a large amount in only two weeks.
First-time borrowers may still be subject to receiving a lower amount simply because loan approval requirements are so simple. Once the first loan has been successfully paid back, the lender will then consider issuing larger loan amounts.
What 30 Day Loan Options Do I have?
There are two options with a 30-day loan, which are to make payments throughout the month or to pay the amount in full with only one payment.
Making payments throughout the month is generally not a requirement, but something that borrowers often choose to do in order to make the repayment process more simple for them. Borrowers who wish to repay the loan prior to the end of the loan term will not pay a penalty for early repayment.
The payday loan industry is always changing in order to meet the demands of the consumers that make use of these loans.
The latest changes offer a better borrowing experience and definitely favor the consumer. The 30-day payday loan option has people taking a closer look at these loans and is most definitely helping the industry as a whole.
Rudi is a credit analyst who writes articles about credit scores, building credit, and consolidating debt. His know-how on poor credit and credit unions make his input invaluable to our company. There is no credit score out there that Rudi can’t help with.