Enjoying a payday.

4 Month Payday Loans

If you want a payday loan for 4 months, what you need is an installment loan. Installment loans may be in reach, even with bad credit. Take a minute to get yourself a free quote for a loan lasting 4 months lor longer and read about all of the advantages.

Fast Quotes Online

At Loan Monkey, we make it easy for you to get a quote on extended month loans. Even with bad credit, one of our lenders may be able to approve you for something even better than an payday loan. If approved, an installment loan would give you longer to pay and you may even be able to borrow more money. Find out what you qualify for now.

Getting approved for a payday loan

Is An Installment Loan Right For You?

If you qualify, an installment loan is almost always the better choice, for a variety of reasons. Take a look and you will see almost immediately why you should go installment if given the choice.

Longer Loan Terms

You are after a 4 month payday loan, so obviously the length of the loan is a factor.

With a regular payday loan, you have less than 2 weeks to pay it back, in most cases. This is not a very long time and can leave you with little money once you pay back your debt. Consider the following scenario.

You make $1500 every two weeks and have little money leftover after you pay bills and buy groceries. Because of this, when an emergency happens, you have to take out a payday loan to pay the $500 in car repairs that you need. With fees, you will have to pay back $575(estimate only). So now, on your next payday, you will be left with only $925 when the loan is paid back.

How would you live on a check that is one third less than normal? You can’t, which is why you would end up taking out another loan just to get by. This cycle continues again and again with no relief in sight.

An installment loan works in a different way. Instead of one lump sum, it is divided into installments. The installments could be as little as three months or they could be as long as several years. It depends on how much you borrow and your credit.

Because of the multiple installments, each individual payment would be less, potentially making them much more manageable for you.

So, as you can see, the longer term of the loan is a major benefit of installment loans which makes them far easier on a budget than a payday loan.

More Money On Tap

Payday loans are severely limited by most states and outright banned in others. This means that, when legal, you may be unable to take out the money that you need to handle your emergency.

What would happen if you try to get a payday loan to handle your thousand dollar emergency in say Washington state? You would find that loans are capped at $700 and you would be unable to meet your needs.

Installment loans do not have the same caps and, depending on your credit, you might be able to borrow as much as $50,000. Of course, if you came here looking for a payday loan, you probably do not need that kind of money, so don’t get carried away. Borrow just what you need.

4 Month Payday Loan Questions

Still thinking about whether to get a payday loan or an installment loan? You probably have some questions. Here are some commonly asked questions and our answers. Feel free to contact us with other questions.

How do I get an installment payday loan with bad credit?

First off, payday loans are paid in one payment, not multiple ones. If you want installments, you want an installment loan. Getting one with bad credit is difficult but it can be done.

  1. First, you need to show that you are stable. Lenders love to see that you have been at the same address for a long time and the same job for a long time. It shows that you will continue to make money and are not going anywhere.
  2. Second, and we can help you with this, you need to get in front of as many lenders as possible. With our loan network, if one lender turns you down, your quote goes on to the next one. This happens repeatedly until you exhaust the lender list or get an approval.

What kind of interest rate can I get with poor credit?

Since we are not a direct lender, we can not answer that question. Rates are set by many factors including how much you are borrowing, your credit, your income, etc.

In any case, it is free to get a loan quote and you are under no obligation to accept it. If you are approved, you will be given ample time to review the loan terms so that you can make a good decision.

Once you receive your loan offer, if you do not like the rate you receive, simply turn it down.

To improve the loan offers that you receive and qualify for lower rates, you need to work on your credit score. Luckily, there is no big mystery to building good credit. Pay your bills on time and keep your credit card balances low.

Can you guarantee me approval?

No, and really nobody can. You have to be careful about websites that tell you exactly what you want to hear.

Approval will depend on your lender, your credit score, income and many other factors set by the lender.

Loan Monkey is not a direct lender, we simply give you access to an extensive loan network. As such, we can not guarantee that you will get approved or what rate you will receive.

Shouldn’t I use a direct lender?

If you have fair credit and are sure that you will get approved, sure. If you need access to a larger network of lenders though to deal with bad credit, a loan network may be the way to go.

We do not charge you for access to the lender network although lenders may pay us for leads. This is a cost of business that these lenders have, just like direct lenders. Direct lenders have to pay or advertising as well so there is no guarantee that you would get a cheaper rate with a direct lender.

Posted by
James Car

James Car is a finance, loan and budget expert based in the United States. After attending Brookhaven college, he went on to become a successful entrepreneur. He now enjoys writing articles that help people save and make the most of their money.