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Payday loan companies do most of their business by fronting small loans to people who expect to pay back the cash when they receive their next paycheck. You may not be aware that these instant loan establishments also offer long term loans that you can repay in monthly installments. If you have no credit history or a poor credit score, you may choose to look into a long term payday loan as a source of funding.
Those people with no credit history to demonstrate their trustworthiness include students who have not borrowed money or rented a residence before. Those with poor credit scores are often people who have defaulted on previous repayments.
If you are in either of these situations, you may be refused a loan from conventional sources such as banks or finance companies. A lender that does not check your credit history, such as a payday loan shop, is much more likely to offer funding.
Reasons for a Long-term Payday Loan
You can purchase the following kinds of items with a long term payday loan:
• A house
• A car
• Furniture
• Appliances
• Medical/Dental Care
• Computer
What You Need to Apply
To apply for an installment loan from an instant cash company, you will need to provide the following documentation:
• ID showing that you are over the age of 18
• ID showing that you are a U.S. Citizen
• Proof, such as pay stubs, that you have been employed with the same company for at least 3 months (longer in some cases)
• Proof, such as bank statements, that you have a checking account that has been active for a minimum of 3 months
• An account number for direct deposit of your loan
Drawbacks of a Long Term Payday Loan
Since payday loan concerns doe not check your credit history, they are taking more of a risk in lending you money without assurance that you will pay it back. This is one reason that the interest they charge for this type of loan is exorbitant. Be sure you read and understand all the terms of the loan before agreeing to them.
What else can I help you with?
Is loan payday a credible and safe option?
A loan payday can be credible and safe if done through the right company. They are not designed for long term financial fixes, they are meant for short term help.
Where can one find payday loans in UK?
One can find payday loans at any bank as long as the person requesting the loans has an approved credit score and as well an appropriate reason to take out the loan, any bank will supply such loan.
What does it mean when people get long term payday loans?
A long term payday loan refers to when the customer has more time to pay off the loan. Generally the interest rates on the loan will be much higher on a long term basis. Long term payday loans are not very common due to the high repayment interest rates.
What payday loan can you get with accountnow debit other than iadvance?
Payday loans usually get you into more trouble then you bargained for, with such high interest rates & very short turn around, a person can barely make it to the next payday & the cycle continues. There are companies out there that will work with poor to no credit as long as you are 18 or more & have proof of employment.
When you use cash advance payday loan how long do you have to repay the loan?
You have around eighteen days average to pay off your loan. i suggest against loans however for, unless the payback date is within your payday you probbably will not be able to pay it off.
Can you get a loan transferred to an accountnow debit card?
Yes. As long as the money is sent by ACH (automated Clearing House), which is an electronic transaction. You can also pay a loan, such as a payday loan, with your AccountNow prepaid debit card. Most payday loan companies allow you to use a prepaid debit card to pay back a loan. However, AccountNow has their own loan system. They offer short term loans, which they call the iAdvance Line of Credit. It is just like a payday loan but much cheaper. Since you already have an AccountNow prepaid card, you may just want to use this option. Call the customer service number on the back of your card to see if you are eligible. If you are eligible, the only requirement is to have direct deposit set up on you prepaid card account. For more information, visit: http://www.accountnow.com/services/iadvance-loan.aspx
How long do I have to pay back 1 hour payday loans, generally speaking?
You generally have 14-30 days to pay back a payday loan. Be careful not to "roll over" the loan and accrue new fees and charges. That's how these slimballs get you.
How can payday loans affect your credit score?
Payday loans can be use to affect your credit score positively, but this must be done carefully and other types of loans may be better for long term rehabilitation of your credit score. However, payday loans can also affect your score negatively if you consistently use them and don't get out of debt entirely, as being in debt affects your credit score (and not making progress getting out of it).
Is there a limit to how many payday loans you can have?
As long as you are paying off your loan on time,you may have more loans from that company.
Where can one obtain support from in the US when in need of cash fast?
A payday loan or payday advance is a short term unsecured loan. These services can be found in stores or online. These types of loans often cost more in interest than traditional long term loans.
Who can help me with credit advice when seeking a small loan?
There are many banks that can help with a small loan as long as you have good enough credit. One such bank is www.wellsfargo.com. They can help with the loan.
Is long term loan a debit or credit?
Credit. As both current and non current liabilities are Credit accounts
