How Long Can You Borrow a Payday Loan For?
Posted on Thursday, July 15th, 2010 at 1:46 pm in Helpful Payday Loan Info, Miscellaneous Cash Loan Info
A lot of our customers ask how long they can borrow a short term cash advance loan for. The simple answer is however long you need extra cash for! Payday loans are designed as short term lending solutions for people who need cash for emergency expenses or a little extra help for unexpected bills that pop up between paydays. Due to their short term nature, payday loans are usually borrowed for terms between 14 and 30 days, depending on your pay schedule. If your employer issues your paychecks bi-weekly, your lending period would last 14 days. If you receive a monthly pay check, you can borrow an instant cash advance for up to 30 days. Each lender is different regarding the length of time customers may borrow payday loans for, so make sure you fully discuss all terms and time frames with your personal payday loan lender before you sign for your cash advance.
Depending on your state payday loan laws and your lender’s regulations, you may be able to borrow a payday loan from anywhere between 7 days and 60 days. Some US states only allow lenders to offer payday loans for 14-day periods, while others allow short term cash loans for up to 30 or 60 days. If you need payday loan cash for longer than the two-week or one-month interval between paychecks, your lender may offer you the option to roll over your loan for another term or to borrow a new loan after you’ve repaid your previous cash advance in full. While we generally do not recommend depending on payday loans to supplement your income for more than one 14- or 30-day lending period, if you’re in a financial circumstance that will leave your bank account drained for more than 30 days, you have the option of taking out another loan until you get back on your feet. This is what makes payday loans so flexible: You can borrow the cash you need for short term boost between pay checks, or for a slightly longer temporary fix if you’re in between jobs and trying to make ends meet.
Whatever your cash needs are, discuss lending terms with your payday loan lender to find out just how long you can borrow your payday loan for.
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