When we talk about payday loans, we often think of it as a short term credit. The minute the consideration of longer term comes into play, we immediately switch our thoughts to traditional bank lending or credit from other formal institutions. Most people think a long term payday loan is impossible Well, there needs to be a change in that belief because this is simply not true. Indeed, there are many options out there involving such a type of credit for the long run.
The process is slightly different from short term payday loans, although the concept is essentially the same. What happens is that the borrower signs up for a cash advance with a payback plan that is usually about two weeks to a month, which is longer than the usual one week repayment requirement of short term ones. He or she will have to pay slightly higher charges due to the benefit of long term attached to the credit. It also usually is given to borrowers who need more money that is allowed by the regular payday loan threshold.
The sign-up process can still take place online and the money is transferred by direct debit to your bank account. You may be charged daily on your loan, so the longer the borrower keeps the credit without repaying, the higher the final sum he or she has to pay. Another thing that may a bit of deviation from the norm is that since the payment term is longer, the borrower will have to set up a repayment schedule with the lender to make sure the payments are on track. A benefit, however, is that while a short term credit would be deducted from your next paycheck by default, the borrower can choose not to do this for a longer term credit if he or she feels it would be too much of a hardship for the month to come.
Luckily for you, even if you need the loan for a longer while, the criteria you need to meet remain pretty much unchanged. You still fill in a similar application form, little credit check is done and you can still qualify to receive instant approval. It really is a win-win situation!
Financial hardships may come and go, but there is no reason for you to shrivel up and suffer. The solution lies on your computer screen and your rescue will arrive at your bank account within such a short time, you would not even realize that time has passed!
