Difference Between A 14-Payday Loans To 30 Day
Most payday loans have a repayment term of 14 days, since 30-day payday loan is given only to those individual on a monthly paycheck. If you want to know the difference between a 14-payday loans to 30 day then read on.
The first thing you need to keep in mind about these loans is that, the longer the term the higher the interest rate. So, even if the length of time is longer and sound advantageous the high interest rate is really saddening.
By the way, you can still borrow up to $1000 with 30-day payday loans as long as your income matches or exceed the amount of loan. But if you need more than the maximum amount then you should consider other option since short-term loan carries high interest rate.
Why People Prefer 30 Day Payday Loans?
Most people prefer long term loan to give themselves ample time to repay the loan back. Moreover, there are still no credit check and people with once a month paycheck has an easy time qualifying for a loan. But of course, when your paycheck comes in every two weeks then a 14 day payday loan is your most likely due date as payday lenders based the repayment on borrowers pay date.
In case you are not yet ready to pay the entire amount of the loan, including the interest rate then just simply, renew the loan if your state allows rollover. However, you should keep in mind that payday loans not repaid on time will ballooned because of the finance charges.
Take note, the payday loan fees is based on every $100 borrowed, so when you borrow the minimum amount then the interest fees is somewhere from $10 to $30, maybe higher depending on the payday lender and what states you are residing at the time of the 30 day payday loans.Share