When it comes to financial emergencies, you want to find a lender who is willing to give you fast cash, competitive rates and a good pay schedule.
Most know payday advances as short-term loans, but there are also long-term payday advances that offer a more flexible payment schedule as you try to recover from unexpected expenses. Unlike ordinary payday advances that will lend you a smaller amount that you need to pay quickly, the long-term payday advances give you a longer time to pay the lender.
So how do you find the best long-term payday advances that fit your needs?
Do your homework
You want to take advantage of most of the long-term payment program. The installment program gives you a breathing space because unlike short-term payday advances, this payday loan is not automatically activated when you miss a scheduled payment date.
Be sure to compare interest rates because that will matter if you are paying the loan for several weeks or months. Small differences can add up and you could end up losing more money.
Avoid lenders who will ask you to renew your loan
When lenders ask you to renew your loan with them, it does not mean that they intend to help you. They are making you your cash cow. Renew your loan several times and more money will end up in your pocket. Do not let a lender drag you into more debt. Just get a loan when you really need one.
Complementary services and products
What you need is a little quick cash to meet the urgent needs. You do not want the additional A-Z products and services offered by a lender. Yes, you want to be approved for a loan, but it is not a requirement to purchase additional products and services. The most important basis for approval is your ability to pay.
Just ask for what you need
Anything that is too bad is bad for you. The cliché also applies when it comes to payday advances. Do not let anyone force you to borrow more. At the end of the day, it is only your decision that matters because you are the one who will work harder to repay this loan. Be sure to browse through reviews for long-term payday advances when buying such loans. Take note of the experiences of borrowers with certain lenders because these testimonials will give you an idea of how specific lenders can try when you do business with them.
You want a long-term loan, but get the shortest term you can afford
While you want a long-term payday advance so you have a little more time to pay back, you want to do a little math and make sure you get the short-term loan that you can afford. You want to do this because you do not want to end up paying the lenders more than you need. The interest rates and fees will add up and you could end up biting more than you can chew and end up with more problems.