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Getting an 8-month personal loan: essential steps and tricks

Learn below the whole process of applying for a 32-week personal loan: from the idea and research to application and approval. Make notes of the simple tricks to level your chances up and get 100% for your first loan application interview with a lender.

How does an eight-month personal loan work?

Personal loans come in a wide range of shapes and options, however, 8-month personal loans fall under the category of short term loans, and hence their offer is significantly limited.

The most common type of such short term loans is an installment loan. In this case, your loan amount plus fees and interest are divided into eight more or less equal payments. Though they are related to your payday, the payments or automatic deduction of the funds from your account happens on the mutually agreed day every month.

There is also an option of payday loans. These 32-week loans work similarly to the standard personal loans, yet have less favorable terms and stricter rules. For example, interest rates of payday loans tend to be significantly higher than for personal loans and the interest percentage is almost twice as high as for ordinary loans. The payments, in this case, are generally made automatically once the salary is transferred to your account.

How much do 32-week payday loans cost?

Both payday and personal loans for eight-month do not have a fixed cost or interest rate with fees to calculate the average number. This happens since the cost of every 240-day loan is calculated based on your income, current financial condition, loan amount, lender, fees, interest offered, and even local regulations. And every variable here can heavily change the final cost of a personal loan. On average, for personal loans, you can expect to pay from 5% and up to 200% of interest while for payday loans the percentage may go up to a couple of thousands.

What do you need to look for when comparing 8-month loans?

Here are the top three criteria that can help in the search for the best eight-month personal loan in your area.

  • Legality of the loan in your state. Before you even consider applying for a payday loan in your city and state, carefully review local legal requirements and regulations. This means that while bad credit loans in Wisconsin are absolutely legal, Nebraska heavily regulates them, and Maryland strictly prohibits loans of this kind. Legal regulations of other 32-week personal loans differ as well, so first and foremost learn about the legal state rules.
  • Affordable cost. Do not bite more than you can chew. Carefully review your budget and think of what monthly payments you can afford – this will help you identify loan amount affordable for you. And once you know it, check the cost of several personal loan offers to select the most appropriate proposal.
  • Clear application process and approval criteria. Look for lenders who vividly define their requirements and application process right away. Otherwise, you might waste your time or end up with a completely different set of loan conditions than you expected. And do not forget to get all the offers in writing to have a point of appeal just in case.

Am I eligible for a 240-day payday loan?

Eligibility criteria throughout the country may vary (remember that some states prohibit any payday loans at all), however, there are more or less standardized legal requirements to the borrowers of 240-day personal loans. They are

  • You must be a US citizen or a long-term resident.
  • You must reside in the state of the application.
  • You must be 18 years of age or older.
  • You must have a stable income for the past 3 to 6 months and be able to prove it (bank statements for the past half a year generally work just fine).
  • You must have a work contract.

Additionally, some 32-week loan offers might require you to have income not lower than $1,500 a month and also have a checking account registered. More detailed eligibility criteria should always be consulted with the lender before the application process begins.

How can I find the right eight-month short-term loan for me?

Look for a loan that you can afford – this is the most important rule to remember. The right loan is the one that is legal in your state, offers fair interest and fees, and is possible in your current financial state.

Besides that, always ensure that you work with an officially registered reputable lender. Check business license and do not forget to read online reviews about a particular lender to learn about its reputation first-hand.

How do I apply for a 32-week payday loan?

To apply for an 8-month payday loan you need to collect all the above-mentioned proofs of your eligibility (including your ID card, residency, etc.), learn about the particular requirements of several lenders, compare the received data, and then bring the package of documents with the application form. In all this process, always carefully review any papers that you need to sign and in case of any questions or hesitations ask your potential lenders for an explanation; never ever get a loan unless you understand all the conditions at 100%

How do I compare my 240-day loan options?

There are three basic criteria that can help you find the right lender, namely:

  • Loan requirements
  • Cost
  • Application approval

Whenever searching for the best option to get a 240-day personal loan, always keep these characteristics in mind and write down conditions of every lender in a table-like format. By collecting several offers, you will be able to compare their conditions and select the most affordable, easy-to-apply, and simple in approval personal loan. Try to always remember about the legal requirements of the state as well.

What are the benefits of a 32-week personal loan?

Easiness of application process, low approval requirements, and speed of money transfer are three main benefits of 8-week loans. Since lenders check neither applicant’s FICO score, nor their credit history, even bad credit owners can easily get approved for such a loan. The application and approval process generally takes several minutes, while the final decision might be delayed by a couple of business days. Yet, in most cases, the money gets transferred to your account the next business day.

240-day loans are also pretty easy to repay which is a great possibility for the bad credit owners to improve their score and heal their credit history without much effort. And the final note: 8-week loans are a kind of short term loans with low approval requirements and a simple application process. Almost everyone, who can afford a loan, get approved for the required amount within one business day. However, if after reading the article and calculating your monthly budget you see that an eight-month loan is too fast for you, consider applying for a nine-month loan as a safer alternative. Should you see that you can repay the loan faster than eight months, consider 7-month personal loans to lower your overall repayment of fees and interest.

Explore other loan terms:
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