Whether it’s a car needing major repair work, a medical emergency or an unexpected bill, consumers sometimes need a little extra cash to see them through until the next payday. If the amount of cash needed to cover living and emergency expenses is significant, consumers may consider taking out long term payday loans to make up the deficit in the household budget.
Long term payday loans differ from normal payday loans in regards to the repayment schedule. Normal payday loans require consumers to pay back the loan amount plus a high interest fee within the next one to two paydays. Coming up with the lump repayment sum may require some consumers to take out additional payday loans from different providers, which leads to even more debt.
Providers who offer long term payday loans have more flexibility when it comes to the repayment schedule. Consumers may have the ability to spread repayment amounts over a few months, versus a few weeks. Long term loan providers may also offer lower interest rates, making the repayment amounts easier to manage.
To apply for a long payday loan, consumers must submit proof of employment to the loan provider. Certain providers may also require a credit check, to ensure that a potential client handles paying monthly bills and lines of credit responsibly. Most providers can give an answer within a few hours after receiving all the necessary documentation needed to make a decision. Once approved, the loan provider will transfer the loan amount into the consumer’s bank account, giving them almost instant access to the emergency cash they need.
Consumers should make sure they understand repayment terms, so they can budget for long term loan payments. Payday loans with longer repayment terms can be a convenient solution to short term cash flow problems, but consumers need to manage them responsibly.