How 30 Day Payday Loans Can Be Advantageous To You
Generally, payday loans are available for two weeks, but if your paycheck arrives at monthly intervals, the 30 day payday loans can be advantageous to you. Obviously, the fee for the longer duration will also be correspondingly higher. The advantage is the additional time that you get to repay the loan.
The upper limit for 30 day payday loans peg around the $1000 mark, although higher amounts can be considered by some lenders depending on your income and the ability to payback the 30 day payday loans in time. But, a personal loan can be a better option when you need more than $1000. As a thumb rule, most lenders take about 5 days from the date of your application to the time you get the money into your checking account. Nevertheless you can also find some lenders offering much faster service - even as fast as 24 hours.
Like in the case of the usual payday loans, 30 day payday loans are available to you even when you have a bad credit score. It is important to remember that 30 day payday loans are available only to applicants receiving monthly pay checks. If your pay checks arrive at an interval of 14 days, you can still avail a loan, but renew the loan at the end of the two week period by paying the additional costs.
Similar to the shorter duration payday loans, 30 day payday loans carry a fee in the range of $10 to $30 for every $100 that you borrow. However, since you get the extended time to repay the loans most lenders charge a higher fee on the 30 day payday loans.
While applying for 30 day payday loans, it is important to remember that though it is the quickest and assured measure of raising short term cash to meet pressing commitments that just cannot wait for a few days, payday loans generally, and 30 day payday loans, can come at a stiff price. If you find yourself renewing your 30 day payday loans month after month, you should sit up and take stock. Apply for a personal loan or find other means of closing the 30 day payday loans in quick time. Carrying these loans for longer periods can potentially lead to a debt trap and your hard earned money would be going into finance charges and interest.
Once you have managed that critical moment with 30 day payday loans, use every single day that follows to find cheaper alternatives. Using the power of the internet to enhance your earnings through part time online work can also help you in a big way during these troubled times.