The Difference Between Short Term and Long Term Payday Loans

Wednesday, December 19, 2012

Payday Loans come in all different types of packages, from shorter duration loans that last a period of up to 7 days to longer term options that can last upwards of 45 days. Quite how much you can secure from a payday loan lender depends on your viability as a borrower, you history of lending with a particular lender and also the information you provide in your payday loan application. By providing more information in your initial application you can stave away from having to send or fax any additional documents to a payday lender thus increasing the likelihood that you receive an instant cash loan as opposed to one that can take upwards of 3 days to arrive in your bank account.

Some payday lenders specialise in offering 7 day loans - these types of loans are typically lower in value e.g. up to £200, and are due to be repaid within the space of one week. There are numerous companies that offer these types of loan online and it's merely a matter of filling in a short application form with all the necessary requested information and more often than not you can secure the necessary funding within the space of 24 hours. These types of lenders can also offer SMS application forms - this essentially means that you do not have to rely on an internet connection to apply for a loan but rather apply on the go via text or SMS messaging.

The more standard duration for a payday loan is 30-45 days - these types of loans are more often than not available online however some lenders still demand that you head to the high street with relevant documents and information in order to apply. Some lenders offering longer duration payday loans will offer a pay by the day charge - this essentially means that you are given a daily rate charge of, for example, 1%, and this charge will apply to each day you hold the loan for. Thus if you take out a loan of £100 over 10 days then you will be due to repay the total sum of £110.

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