Instant Decision Payday Cash Advance Pay Back After 30 Days
Many people resort to instant decision payday cash advance loans when they are in an emergency and have no other alternatives to borrow some money fast. While it is common knowledge that these are very short term loans that are to be paid back upon receiving your next paycheck, do you know that you can specifically ask your lender to fix the payment schedule such that you can get 30 day payday loans online or longer term such as 60 days, 100 days?
Depending on your income and when you receive your pay check, it is important to arrange for the best pay back date so that you do not pay unnecessary interest fees and at the same time minimize the risk of being late. Once you are late, the lender will report to the credit bureau which is very bad for your credit score, and they will also levy an expensive late payment fee on your account as well. If you are not sure whether you can pay up within 2 weeks, it is better to explicitly ask your lender for a cash advance loan with 30 days to pay back.
With more types of payday loans and cash advances being offered by many lenders to accommodate bad credit borrowers with varied requests, it can be confusing to find which is the best online loan options that can save you some money on the interest fees. For example, some loans must be paid off in one lump sum, or you can make several smaller installments every month, skip the first two months of payments, pay back after 30 days etc. This is also complicated by the fact that some payday loans are not legalized in the state you live in.
The length of these no credit check payday installment loans have a significant effect on your total interest fees. Some lenders offer a very short term 14 days loan term, which means you must also give a post dated check to pay the borrowed money including fees and accrued interests. Most people borrow 14 day loans and get cash in 1 hour because they tend to finish spending their pay check in mid month or they are paid twice a month.
For example, some individuals such as those in the military service are paid twice a month or every 14 days. However, most people are only paid once a month while temp job workers may even be paid at the end of the day whenever there is work. Make sure you reflect your salary cycle or when is the earliest date you can pay off the loan when you apply. For example, if you make a mistake and sign up for a 14 day payday cash advance at the start of the month, you will not have the money to pay two weeks later.
Furthermore, if you need to borrow money at the start of the month, then chances are you will still be broke one month later. With a bit of simple forecasting and expenditure planning, you can find out when is the earliest date you can come up with the money to pay your lender. So when a payday loan to pay after 30 days is too short, get a 60 day or 3 months term so that you can pool together your income from several paychecks. Anything longer than 90 days is not recommended, since the interest rate is too high and you are better off getting other types of no credit check personal installment loans from the banks, credit unions or other more legit lenders online.
So if you are only paid once a month and need a cash advance with installment pay back options, you do not have to worry there are no loan companies that will accommodate your preferred payment schedule. Just ask them for a free quote and compare their rates and terms to see which is the cheapest and most convenient. As long as you meet their lending guidelines such as minimum FICO score, minimum monthly income, etc and no rules against payday installment loans in your state, you will be able to get a loan approved online on the same day and have the funds transferred into your banking account fast.
How To Extend A 14 Day Payday Loan And Pay Back After 30 Days
Alternatively, you can ask for cash advance rollovers on your existing 14 day payday loan if you know for sure your wallet is empty by the due date. That means you simply extend your loan term by rolling it over into a new 14 day loan on the maturity date. This is a much more beneficial option than not doing anything and letting the lender levy a late payment penalty. Your credit history is not affected when you roll a 14 day loan into a 30 day loan.
However, some states do not allow payday loan rollovers in order to cap the maximum interest fees accrued, so you need to ask your lender advice. Similarly, there are rules against unlimited payday loan rollovers.
Note that you may be required to pay the interest accrued so far before you are allowed to rollover your bad credit payday cash advance. This is better compared to compounding all the interest fees when you pay in full at the maturity date.
If you are unsure whether you need the loan for 14 days or 30 days, the recommended approach is to get a 14 day cash advance with rollover allowed. This is more flexible and can help you save some money but you need to remember to call your lender few days in advance because some companies will not do an automatic loan rollover for you. Otherwise, just get approved for a 30 day payday loan and save yourself the planning.
There are many more specific and unique payment schedule options offered by legit payday loan web sites. For example, Magnum Cash Advance which is quite established and trusted provider of instant decision cash advances allow you to borrow up to 30% of your monthly pay with a very flexible pay back schedule and no early payment penalty. Say you borrowed $2000 but realized you can return the money after 8 days. In this case, you are only charged loan fees for that 8 days.
Having predictable and stable income and expenses will help you manage your loans more effectively. But when these are not available, make sure you choose a legitimate cash advance loan company that allows long term installment loans with no pre-payment penalty etc. If possible, pay off your debts once you have the money and your FICO credit will not be negatively affected.