Long term payment loans on the road.

Long Term Payday Loans

Long term payday loans, is there such a thing? Not exactly. What you are really in need of is an installment loan and you can qualify for an installment loan just as easily as a payday loan in most cases. The installment loan has so many advantages over a payday loan. Fill out our shourt quote form below and find out yourself when you get your offer.

Get Your Quote

It takes just a matter of minutes to get a long term loan quote. Even if you have bad credit, a lender in the network may be able to make you a suitable offer. Why not take a couple minutes, fill out the short form and get your offer now.

Infograph about long term payday loans

The Truth On Long Term Payday Loans

The truth is, they do not exist and if they did, they would be the last thing you want. A payday loan is due to be repaid on your next payday, that is where the name comes from. It has fees that are based on the dollar amount that you borrow. Because of the short loan terms, the effective interest rate is through the roof. Often 400% to 600%.

An installment loan will almost always be better for you. Some people refer to them as monthly installment payday loans but they have little in common with the payday loan. Here are some of the difference.

  • You have longer to pay.
    With payday loans, the loan is due in about two weeks. The due date is set to occur on the same day that you get paid. On that day, the lender will automatically pull out the entire loan from your bank.
    With an installment loan, you will have multiple months to pay the loan back. The length of your loan will depend on the amount you borrow, what you request and your credit. Do not pre-judge your credit though, these loans are available to those with less than perfect credit.
  • Your payment will be less.
    A long term loan will break up your payment over several installments. Payday loans make you pay back all of the money at once. Since the payment will be split, it will be less and much more affordable. This can help you fit it into your budget a lot easier.
  • You may be able to borrow more.
    States limit payday loans and in most states, you can only borrow a few hundred dollars. With a longer term, you can borrow more money. This might allow you to truly handle the emergency at hand. Be careful with how much you borrow though. Only take out exactly what you need. Every extra dollar you take is money that you will be charged interest on.
  • They are available if you have bad credit.
    You may still be able to qualify for a long term installment loan even with bad credit. Many people think that because of their credit, a payday loan is the only solution. This is not necessarily the case though. Of course, your interest rate will be higher the worse your credit is but that is true with any loan.

Get Your Long Term Loan Quote

Getting your quote is super easy. All it takes is a few steps and you can get your fast and secure quote. The form is even at the top of the page.

  • First, you need to fill out the form above. It only asks for a bit of basic information.
  • Next, you will securely submit your form to the loan network. The from uses 256 Bit SSL encryption to protect your data.
  • Then you will review your loan offer being sure to note all of the details. Pay extra attention to the amount to be paid and the total cost of the credit.
  • Finally, if you like your offer, you can accept the loan.

Usually, that is all there is to it. Your lender may need to contact you to confirm all of the details but the process is typically pretty quick and streamlined.

Loan Questions

At this point, we have answered all of the basics but you might have some questions. Below you will find the most common ones. If you do not see your question, please feel free to contact us or leave a comment.

  • How long is long term?
    This depends on a lot of factors including the amount that you need to borrow to the credit that you have. Installment loans can easily range from 3 months to multiple years.
  • What is my interest rate?
    Interest rates will vary and will be based on the risk of the loan. Every lender has their own guidelines but you should expect your rate to increase the worse your credit is. Improving your credit is any easy task if you have the time to wait before getting your loan.
  • How will I pay the loan?
    When you receive an offer, your lender will give you your options. One of the most frequently used method is automatic payment withdrawal from your checking. It takes the work out of paying off the loan and makes sure you do not face any penalties from late payments.
  • How will I get my money?
    This will depend on the lender but most will automatically deposit money into your bank account. This could happen as soon as the next business day upon approval and your acceptance of your long term loan.
  • Are there any fees?
    Always read your loan documents to determine this before you accept your loan. Every loan is different so we can not answer that question here. If, after looking at your loan documents, you are not clear, ask your lender for clarification. Ask about origination fees, late fees and early pay off fees among other things.
  • Can I get a long term payday loan with bad credit?
    Yes, even with bad credit, you may be able to get a loan. We do not and can not make any guarantee of approval as we are not lenders but it never hurts to try. Quotes are free of charge.
  • What is the lowest credit score that can be accepted?
    This will vary from lender to lender so to find out, you would need to apply. Many lenders take other things into consideration such as your source of income. Not all lenders use the major credit bureaus as well. Some use alternative credit reporting services.
  • I want a no credit check loan, can I get it?
    Pretty much every lender does some sort of credit check so the no credit check loan really does not exist no matter what some people might advertise.

If you have any questions besides the ones above, please feel free to contact us. We are not lenders but would be happy to get you started in the right direction.

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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.

One Reply to Long Term Payday Loans

  1. I’m glad that you mentioned that payday loans are due in about two weeks. My wife and I are thinking about applying for a payday loan and we were wondering when we would have to pay it back. I’ll let my wife know that we should prepare to pay the loan back in about two weeks from paying it.

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