Whether you need to cover another loan or you lack some money for a large present for your dear one, consider eight-week personal loans as a simple and efficient alternative to get the required amount. Read below all essential information about these short term loans and some tips to get approved without much effort.
How does a two-month personal loan work?
The borrower’s journey is always the same with 2-month personal loans: you apply for one, the lender reviews the application, you get approved or rejected for the loan. And while the general procedure is the same, there are differences for in-store and online lenders.
Whenever you apply in-store (in a bank or from a private lender), you need to bring your papers and after the review process, you will get the money transferred to your account in 1-2 business days. In terms of repayments, the conditions may differ, but you will need either to repay the whole sum together in a single payment or some parts can be deducted from your paychecks (two or four, depending on your salary). In-store lenders might also require you to sign an empty check to secure your loan repayment.
Online lenders require the same package of documents from you but the approval process is much faster. Within several minutes, the decision will be made and the money will be transferred to your account the next business day at the latest. Most online lenders would automatically deduct the repayment amount from your bank account as soon as you receive your next paycheck.
How much do 8-week payday loans cost?
Even though most lenders do not check your FICO score and credit history for a two-month personal loan, if your score and history are good, great, or at least acceptable, then it is highly advised to bring this up when applying for a loan since this information may lower interest rate or additional process fees. These numbers heavily depend on the lender you choose and your current financial situation, but traditionally interest for eight-week loans are pretty high; you can expect to pay from 60% to 3,000%. In case of late payments, you will generally have to pay some fine for it. For this reason, it is better to search for flexible deals to avoid the fine. The service fee can be required upfront yet, as a rule, it will be included in the last payment.
What do you need to look for when comparing 60-day loans?
There are three most important factors to take into consideration when applying for an eight-week personal loan, namely interest rate, processing fees, and state regulations.
State regulations differ around the country and some territories completely prohibit payday loans. So first and foremost, ensure that your state allows short term loans and pay attention to the regulations applied by the state.
Secondly, collect interest rates and processing fees required by different lenders so you would understand how much money you will need to repay in the end.
Finally, remember that some lenders would not accept your application if your monthly / bi-weekly / weekly income is lower than their threshold. Ensure that you compare only those lenders whose requirements you satisfy.
What are the benefits of a 2-month personal loan?
One of the most important benefits of two-month personal loans is their approval rate; even if you have bad credit and cannot qualify even for a bad credit loan in Wyoming or North Dakota, you will still be able to get the money with such a short-term loan. Moreover, since the approval process takes several minutes for online lenders and about an hour for an in-store lender, you receive the required amount within a day which is a perfect solution for urgent matters.
8-week personal loan lenders do not care about the loan purpose; this means that you do not need to explain how you will use the money, hence lack of any explanation cannot impact your loan approval. Whether you will use the loan for a present, party, or coverage of an installment loan, you can get approved in any case.
Am I eligible for a 60-day payday loan?
Keep in mind that short term personal loans are heavily regulated across the country. While 60-day bad credit loans in Idaho are legal, in Colorado they are heavily regulated, and in New Mexico they are completely forbidden. So before considering whether you are eligible for a 60-day personal loan, ensure that they are legal in your state.
If such loans are available in your state, here are the general requirements you need to meet:
- Be a US citizen or demonstrate proof of a permanent residency
- Meet specific state age requirements (some states provide short term loans starting from 18 and others from 21 years of age)
- Have a minimum income of $1,000 (in some states this income should come from a steady workplace, which means that you need to be employed for at least 90 days).
Should you have doubts about your eligibility, consult several local lenders before filing the application.
How can I find the right 2-month short-term loan for me?
The right two-month personal loan is the one you will be able to repay without a major impact on your family budget. This means that you need to carefully consider your monthly income, the amount you want to borrow, and simply calculate if your upcoming paychecks would cover the loan repayment (including interest and additional fees). When choosing your lender and 8-week loan, ensure that you get flexible repayment conditions without any fines since you never know when your salary might get delayed.
How do I apply for an eight-week payday loan?
Before applying for any short term loan, you need to first ensure that you qualify for one. To do so, check the eligibility criteria above and consider whether you have enough papers and data. If yes, then get the following papers ready for the application:
- Filled application form (online or paper version)
- Your ID card to demonstrate your age
- Proof of US citizenship or permanent residency
- Employment contract (it should state your work start date and monthly/bi-weekly/weekly income)
Remember that positive credit history and good FICO score may also improve your 8-week loan conditions, so bring them as well to strengthen your application.
How do I compare my two-month loan options?
When selecting the most appropriate two-month personal loan lender, pay attention to the interest rate, processing fees, and flexibility of the offers you get. This means that you need to contact several in-store and online lenders, inquire these three points from them, and then compare the possibilities based on these factors. Should you need to get a fast comparison of possible loans in your area, consider using an online short-term calculator that will search the web for the possible offers and compare them based on the conditions mentioned above.
The final words. 60-day personal loans are a perfect option when you need some urgent money to cover monthly budget holes. Whenever applying for such loans, always remember to check your state regulations and compare several lenders to select the best offer. In case you feel that two-month loan is a long-term planning for you, consider applying for a 1-month personal loan. In case you would like to receive a better interest rate and extend the repayment period for the loan, think of applying for a 3-month personal loan.
- 1 How does a two-month personal loan work?
- 2 How much do 8-week payday loans cost?
- 3 What do you need to look for when comparing 60-day loans?
- 4 What are the benefits of a 2-month personal loan?
- 5 Am I eligible for a 60-day payday loan?
- 6 How can I find the right 2-month short-term loan for me?
- 7 How do I apply for an eight-week payday loan?
- 8 How do I compare my two-month loan options?