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Apply and get approved for a 10-month loan

Whether you need to pay an urgent medical bill, repair a car, or just need some additional funding for personal needs, a ten-month personal loan can be a perfect solution in any situation. Read on and learn about all application process tricks and be sure to get approved for your next 300-day personal loan.

How does a ten-month personal loan work?

Personal loans for a 10-month period can be either in the installment or payday format. Ten-month payday loans have higher interest rates if compared to the installment loans, and they also have more strict repayment conditions: this means that the repayment date for every month is determined by your payday on which the required amount is automatically deducted from your account. With installment loans, you can have more flexibility with repayments: you can select weekly, biweekly, and monthly repayment option and the exact dates are subject of discussion rather than a statement from the lenders. Installment loans would also have lower interest rates.

How much do 40-week payday loans cost?

The cost of a ten-month personal loan consists of the loan sum, interest rate, processing fees, any fines if applicable, and the closing fees; all these costs combined are called APR (annual percentage rate).  The most important additional cost for any loan comes from the interest rate percentage; for payday loans, it may go as high as several thousand percents while for installment loans it is usually from 5% to 300%. The actual percentage is always calculated individually for every loan case. 

What do you need to look for when comparing 10-month loans?

There are standard key factors that can help you select the right 40-week personal loan for you. They are:

  • Interest rates are individually chosen by the lenders for every borrower. Try to look for the lowest interest rates for your particular case. At all times, try to receive a free estimate for your possible ten-month loan.
  • Fees are generally universal for all borrowers at a particular lender; so these numbers you can get without any problems or even check online with the lender. The fees will include some approval costs, closing costs, possible approval costs.
  • Penalties are the fines you pay for something; most frequently they are applied for late and missed payments. It is highly advised to look for a lender that would offer repayment flexibility and some buffer of two-three days around every repayment date.
  • Repayment terms vary based on the state, lender, and your loan type. If you are applying for a 300-day personal loan, then you are likely to have an option of a weekly, biweekly or monthly repayment schedule. Consider what option suits you best and look for lenders offering it.
  • Approval period for banks as lenders tends to be longer (about a week) since they conduct deeper borrower’s check by default. Private lenders are likely to review your papers and approve your 10-month loan within a single business day. And note that there is no difference whether you go to a bank or a private lender, provided that you select a reputable one. 

How do I compare my 10-month loan options?

Whenever you are planning to apply for a 40-week loan, make a list of comparison criteria as above, and when considering a particular lender, try to receive the most extensive information for every point on the list. This will help you determine the most flexible, low-rate, and generally affordable ten-month personal loan.

Besides that keep in mind that if you are planning to apply for a payday loan, every state has its own local regulations. For example, while California’s laws heavily regulate payday loans and lenders, Vermont completely prohibits issuing of such loans, bad credit payday loans in South Carolina are absolutely legal.

What are the benefits of a 300-day personal loan?

Almost instant money transfer is one of the greatest and most valuable advantages of 300-day personal loans. Most lenders would approve a loan within one day and transfer the money to your account on the next day. Besides that, there is generally no need to provide any justification papers to prove or identify the reason you apply for a loan; short term personal loans are issued without any proves and major checks which makes them available even for people with low FICO score and unstable credit history. And the flexibility in terms of loan amounts, terms, and repayment possibilities for 10-month personal loans is also a matter of attraction for the borrowers.

Am I eligible for a 40-week payday loan?

Every US citizen or resident of at least 18 years of age with a stable income over the past 3 to 6 month is eligible for a 40-week personal loan. However, note that you need to be a state resident to apply for a loan in a particular state (if you live in South Dakota you will not be able to apply in North Dakota, for instance). Besides that, most lenders would require you to have a checking account and prove your stable income. This means that you will need to bring your employment contract that has been signed no sooner than three months ago and which states that your income is no less than $1,000 per month. Even though the latter is not legal state requirements but rather the individual preferences of a lender, be ready for any additional checks.

How do I apply for a ten-month payday loan?

To apply for a 300-day loan, first and foremost ensure that the selected type of loan is legal in your state. Then carefully review your budget to understand how big of a loan you can actually afford. After you have determined your needs and possibilities, shop around to compare several possible lenders and do not forget to request their offers in writing whenever possible. Once you select your lender, bring all the papers with you, a filled in application form, and don’t forget your credit history with FICO score if you believe that the numbers might give you better rates. In case you do not have time for the in-store visits, you can also follow the same steps to apply online.

How can I find the right 300-day short-term loan for me?

Any loan is right if you can afford it without impacting your monthly budget much. So whenever you are looking for a ten-month personal loan, ensure that you evaluate your current income and understand how much money a month you can spare for the repayments. This is the most definitive factor to take into account. Besides that try to look for lenders who are flexible with repayments and who would not subject you to any fines related to a-couple-of-days delay in payments.

The bottom line

A 300-day personal loan can be a perfect life-saving jacket that would cover your budget holes without influencing your monthly income that much. Whenever looking for the right fit, try to always stick to your available budget and search for the most flexible lender possible. In case you understand that you might not be able to repay the loan within 10 months, consider applying for an 11-month personal loan. Should you have a more relaxed budget, you can cut on interest and apply for a 9-month loan as well.

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