Payday loans are usually available for a short amount of money that needs to be paid back in a short time. However, some lenders have other options as well. A long-term payday loan is best for those looking to borrow a large sum of money. There are many things that a long-term payday loan can offer you. You should ensure that you understand everything associated with a long-term payday loan before you apply for it.
A payday loan, be it short-term or long-term, can help you with urgent cash needs. It has now become a common option for borrowing money when in tight financial situations. Though payday loans are usually taken for short-term loans,
A payday loan can be a good option for those who are unable to get funds from the bank. Essentially, a payday loan lets you get money when you need it and pay the said amount back along with the interest when your next salary is paid.
Long Term Payday Loans
With a long-term payday loan, you can borrow up to £2,000 for up to 12 months. Though they work in the same manner as a traditional loan, the only benefit of a long-term payday loan is that you have the chance of borrowing more money.
It is not available commonly at present but it is rising in popularity. Long-term loans have already benefitted many people. So, consider this option before choosing any other loan to meet your emergency or unexpected needs.
How Does It Work?
When it comes to long-term payday loans, it needs to be repaid in installments every month over a specific time period. These loans can be taken from one month to twelve months. It depends on the amount you borrow and the lender you choose. The large is the loan amount, the larger your term will be.
Advantages of Long-Term Payday Loan
The main advantages of a long-term payday loan include:
Longer Time To Repay Your Loan – With a long-term payday loan, you will get a longer time to repay the loan. You will not need to stress much about whether you can repay it by the decided date or not.
Better Rates – For long-term payday loans, the interest rate is better than short-term payday loans. On the whole, it will save you lots of money. Though the charges of a long-term payday loan are differently charged by the lenders, still you can find something that fits in your need.
Large Amount Can Be Borrowed – With long-term payday loans, you can borrow a bigger amount than short-term loans.
Get Money Quickly – With a long-term loan, you can rest assured to get the money that you need promptly. On approval of the loan, you can get the money in your account within a few hours.
Some Unique Aspects of
What Is a Payday Loan?
Also known as pay cheque loan or cash advances, a payday loan is a loan for a small sum of money that is generally meant to be paid back with your next salary. This loan needs a bank account and an income only.
A long-term payday loan is not only efficient and fast, but it has also proved to be reliable as well. It is an outstanding resource that offers express money for your immediate needs.
How Much Can You Borrow With A Payday Loan?
Most lenders offering long term payday loans let applicants borrow money between £500 and £2000. However, the amount varies from person to person. The amount that is borrowed will be decided by the salary you earn every month and your credit history.
The income of a person is the key factor that lenders consider when deciding the amount that you can borrow.
Why Should You Take a Long Term Payday Loan?
Going for a long term payday loan can be a great idea due to the many benefits that are associated with it. You should know the most important benefits of taking a long term payday loan before you choose to apply for one. Below are some of them:
A long-term payday loan can be applied for online. Just find out a lender who offers such a loan. Most of the lenders offering this loan have a simple and quick process. By answering a few questions, you can help the lender to evaluate your eligibility and crucial details like your income, job history, and more.
Long-Term Payday Loans For Bad Credit
A long-term payday loan comes with the benefit and flexibility of repaying the loan over 12 months or 24 months period. When you go with long-term payday loans, you have the option of making early repayments if you have the money to do so.
Payday Loans Now offers you long-term payday loans between £100 and £25,000 that can be paid back between 3 months to 36 months. We have more than 50 lenders working with us. You can easily choose one between them as per the amount you want to borrow and the time you need to pay it back.
A long-term loan application at Payday Loans Now UK takes only 5 minutes or even less to complete and you can rest assured to get a quick, almost instant decision for the loan. If your loan application gets approved, you can get the money within an hour.
Long-Term Payday Loan Requirements
To get a long-term payday loan, you will have to meet the following requirements:
You should be at least 18 years old to get a long-term payday loan
- You need to be a citizen of UK
- You should have a regular income source to get a long-term payday loan so that you can repay the borrowed amount on time
- You should have an active bank account in the UK to get the loan approved
Like with any other loan, a long-term payday loan also needs to be paid back in the decided number of installments every month. Your lender will inform you how much amount will you have to pay in every installment and by what time all the money needs to be paid back. With these details, you will be able to decide whether that specific loan and lender is good for you or not.
Long Term Payday Loans
Ans: You need to pay the amount you borrowed on time because late payments can lead to additional fees. Though most people taking a payday loan do not face problems with paying the money that they borrowed, it is still necessary to consider this.
Ans: Applying for a long term payday loan has now become hassle-free and simple. You just need an internet connection and a computer/laptop/mobile to apply for this loan. Fill the required details in the application form offered by the lender and submit it. Then you will have to wait for a few minutes to hear back from the lender. You will then get an email or call stating whether the application is approved or not. Some lenders in the market also let you apply for a loan over a phone call. However, applying online can be simpler and quicker.
Ans: Once your payday loan is approved, you can rest assured to get the money in your account within a few minutes or hours. Generally, a lender will take only about 24 hours at the most to transfer money in your account after approval of your application. It makes an ideal option for those who require money quickly for any reason