A long-term payday loan can be a life-saver when you’re strapped for cash. If you plan on opting for one, here’s what you need to know about long-term payday loans when you have bad credit.
What Are Long-Term Payday Loans?
A payday loan is a sum of money that you borrow from a lender with the intention of repaying it. This type of loan often has a high-interest rate, as well. These loans are generally short-term, but there are payday long-term loans, as well. Long-term means that you’ll have more time to repay the money you borrow.
A long-term payday loan can be a safer option because you’ll be able to pay back the loan more comfortably than you would a short-term option. With a long-term option, you’ll also be able to borrow more money because you’ll have more time to repay it.
How Do Long-Term Payday Loans Work?
To get a payday loan, you can get in touch with a lender directly, or you can visit an online platform that will find a lender for you. These platforms connect you to one of the lenders from their network. You can apply for long-term payday loans by filling out an online form on their website. There, you’ll have to fill in the amount of money you want to borrow, e.g. $3,000, and the time you’ll take to repay it.
How to Qualify for Long-Term Payday Loans Online
Apply for a long-term payday loan on an online platform and wait for your approval. Some lenders and other online platforms will perform a credit check before they approve your request. However, in most cases, you’ll be able to borrow money regardless of what your credit is like at that moment.
Who Can Apply for Long-Term Payday Loans?
You have to be over the age of 18 years and have a steady and legitimate monthly income to apply for a long-term payday loan.
Can You Get a Long-Term Payday Loan with Bad Credit?
One of the good things about a long-term payday loan is that you can potentially get one even with bad credit. Just make sure that you’ll be able to repay the amount you borrow before you apply for the loan.
How Long Does It Take to Get Approved for a Long-Term Payday Loan?
Considering that the payday loan process can be done online, the approval process takes about a day or two. Your lender or the lender-connecting platform you apply on will inform you of how long the process generally takes.
How Much Cash Can I Borrow From Long-Term Payday Loans?
The exact amount will depend on your lender and your credit. That said, you can borrow between about $1,000 and $5,000. However, you can even borrow more money from some lenders, considering you’re getting a long-term payday loan.
Payday loans have made things a lot easier for regular people. There’s always the possibility that you’ll need $2,000 when you least expect it. So, now you can borrow that money online and repay it over a longer period of time.