You’re in a deep hole now. Not only are you likely in deep debt or barely avoiding it, you’ve just found out that you don’t have enough money to make it through until your next paycheck, and even then, you probably won’t have quite enough to make it through.
This is why long term payday loans and lines of credit are a popular option, with the recent economic drought that drained the nest eggs of many savers and cost others their jobs, forcing them to opt for lower-paying jobs. It’s difficult to adjust to sudden changes, and many find themselves swimming in a sea of debt rather quickly.
While there are short term loans available for people who just need a quick fix, long term payday loans and lines of credit are aimed towards consumers who need to have a longer repayment period in order to survive without ending up taking up another loan, and another… This option helps you avoid a cycle of debt over the long term.
Payday loans are small amounts of money loaned for a relatively short period of time (usually till your next payday). They often are limited in the amount you can borrow, because it’s so easy to be approved for these loans and the lenders need to ensure they don’t lose too much money at once if you fail to repay the loan.
The terms of typical long term payday loans and lines of credit are such that you are allowed to borrow an amount from $100 to $2,000 (in some cases, even more). You pay interest on this amount when you pay back the loan, but you are able to use this money hassle-free until it comes time for repayment. With this type of loan, you can defer repayment for a month to three months or more, where most payday loans last from two weeks to a month.
Before taking out a long term payday loan or line of credit, you should read the terms carefully to find out more about the conditions under which you are borrowing. Carefully examine the loan agreement you are signing and make a note of the entire cost you will be charged and what the consequences are if you are late paying back the loan. It’s definately best to make your payments on the loan on time, or you will pay a premium for the extra loan time and/or missed payment fees.
Long term payday loans and lines of credit allow you to weather the storm of debt and come out on the other side.
If you are in need of a long term payday loan or line of credit, go to our lending site, by clicking on any of the many links in this blog, enter your zip code and look for the lenders that offer longer term loans or lines of credit.