While most payday loans are given out for smaller amounts with a short term, some lenders offer other options. If you want to borrow a larger amount of money, you will need to look into long term payday loans. There are a lot of things that these loans have to offer, and you need to know what they are. The more you know about these loans, the better off you will be. You don’t want to rush into getting any loan before you have a full understanding of how it works.
What is a Long Term Payday Loan?
Long term payday loans are given out for up to £2,000 with a term of 9 months or so. They work in much the same way as traditional payday loans, except you can borrow more. Not all private lenders offer this option, but it has become increasingly common. This is an option that you should take the time to explore before deciding what to do. These loans have benefited lots of people in the UK, and you could be one of them.
Benefits of Long Term Payday Loans
There are many benefits associated with long term payday loans, including:
- You have longer to repay the loan: One of the best things about these loans is that you have a while to repay them. You won’t have to stress about whether or not you can pay it all back by the due date like with a short term loan.
- Great rates: There are some amazing interest rates available with long term payday loans that you’ll want to explore. This can save you quite a bit of money on your loan as a whole. Each lender charges something different, but it is still worth exploring.
- Get your money fast: You can be absolutely sure that you will receive the money you need quickly. If your application gets approved, you can expect to receive funds within as little as a few hours. This makes it possible to pay for your expenses without any issues.
- Big borrowing amounts: You can theoretically borrow thousands of pounds with these payday loans. This gives you the ability to pay for big and important expenses that suddenly come up.
How it Works
When you take out a long-term payday loan, you will be expected to pay it back in a series of instalments over a certain period of time. The term for your loan could be a month or up to almost a year. It all depends on the lender and how much you borrow. The more money you borrow, the longer your term is likely to be. Everything else is pretty the same as it would be with a regular payday loan.
You will apply for a long-term payday loan online just like you would normally. The only difference is that you will first have to find a lender that offers these loans. The application process generally doesn’t take a long time to complete. You will be required to answer some questions that will allow the lender to assess your eligibility. This includes things like your job history, income and other crucial details.
Requirements for Long-Term Payday Loans
There will be certain requirements for long-term payday loans that you will have to satisfy, including:
- Age: You must be over the age of 18 to qualify for a payday loan of any kind.
- Legal citizen: The lender will more than likely ask you to prove that you are a legal citizen by way of passport or other photo ID.
- Income: You also need to have adequate income to get a payday loan. This means that you make enough to pay back the amount you borrow on time.
- Bank account: Anyone who wants to get a payday loan also needs to have an active bank account. This is so that the lender can transfer your money electronically if you get approved.
Paying Back Your Long-Term Payday Loan
When you take out a long-term payday loan, you will have to pay it back in a number of instalments. You will be told exactly when you have to pay everything back by, and how much each payment will be. This will help you figure out whether or not this is within the realm of your current household budget.
Long-term payday loans have become wildly popular in the UK for many reasons. The main reason is that you can borrow a large amount for a long period of time. It also doesn’t matter if you have great credit, but you will still have to submit to a credit check. There are some requirements you will need to satisfy, but these loans are easy to get in general. fdFDF