Found yourself in an urgent need of some money until the next paycheck comes in to your account? Consider four-week loans as a quick and efficient solution. Find out below all essential information about personal short term loans.
- 1 How does a one-month personal loan work?
- 2 How much do 1-month payday loans cost?
- 3 What do you need to look for when comparing 30-day loans?
- 4 Am I eligible for a one-month payday loan?
- 5 How can I find the right 4-weeks short-term loan for me?
- 6 How do I compare my one-month loan options?
- 7 How do I apply for a 30-day payday loan?
- 8 What are the benefits of a four-week personal loan?
How does a one-month personal loan work?
There are two basic paths for a one-month personal loan: online lenders and in-store lenders. Whenever you apply for a loan online, you will receive approval almost instantly and can wait for the money to be transferred even the same business day. The repayment process and conditions for a 30-day short term loan heavily depend on the lender’s requirements. For online lenders, you are likely to sign a paper that will guarantee that the required amount is deducted from the account as soon as the funds allow. For in-store lenders, you might be asked to sign a post-dated personal check for the owed amount instead of the automated deduction.
How much do 1-month payday loans cost?
The cost and fees for 30-day loans are calculated based on your current financial situation. The better credit score and monthly income you have, the lower will be the interest and hence the smaller fee you will be obliged to. The general rule is that you will need to pay some processing fee and some interest. The interest rate is always high for payday loans and will vary from about 40% and up to 2,500%. Be ready that you will need to repay the total sum at the very end of the term, so you will need to pay your loan amount plus the interest. The service fee might be accepted upfront but is generally included in the total repayment as well.
What do you need to look for when comparing 30-day loans?
The most important influential point for four-week loans is interest. When searching for the best deal, consult several lenders (both in-store and online) and ask for a free calculation of the interest rate for your one-month loan. Besides that ensure to request information about the fees you will be obliged to. Lenders will also take into account your monthly income so consider only those services whose requirements you qualify for.
Am I eligible for a one-month payday loan?
The requirements to the borrowers heavily depend on the lender and your state. Remember that some states like New York or Arizona consider short-term payday loans illegal, such money operations are completely prohibited there. However, bad credit loans in Wyoming or payday loans South Dakota for short terms are welcome for the state locals.
The rule of the thumb for 30-day loans is that you need to be a US citizen or a permanent resident, meet specific state age requirements, have an income of at least $1,000 and that some lenders will also require you to have a job for at least 90-days. In any case, consider consulting your local lenders to ensure that you qualify for the loan.
How can I find the right 4-weeks short-term loan for me?
The right short-term loan, and especially one-month loan, is the one you can repay for sure. So whenever you plan to apply for a short-term loan, ensure that you will be able to repay it once your monthly check comes in. And pay special attention to the repayment conditions and flexibility of the loan if you know that your salary may be delayed.
How do I compare my one-month loan options?
You may simply search the lenders in your area and then visit several in-store locations to consult with the employees about your loan conditions. Then write them down and compare based on the interest rates offered, total fees required, and flexibility of the repayment. In case you do not have enough time for in-store visits, you can check online lenders and even use online short-term calculators to compare the above-mentioned conditions for your case.
How do I apply for a 30-day payday loan?
To apply for a 1-month loan you need to prove that you are eligible for one. This means bringing or demonstrating the following documents:
- Proof of US citizenship or long-term residency
- ID card to show your age
- Employment agreement (that includes your start working date and monthly salary)
You can also bring your FICO score data to demonstrate your positive credit history and hence try to lower the interest rate for the short term loan.
What are the benefits of a four-week personal loan?
One-month loans offer a wide range of possibilities with the time of approval being the greatest one. Whenever you apply for this short term loan is that your approval comes within several minutes for online lenders and within the same day for in-store lenders. Once you receive the approval, the money is transferred to your account within the next 1-2 business days.
Another great benefit of payday loans comes from the purpose you are lending money for. There is none. Whatever you need the money for, repair a car, cover another debt, buy a present to a friend, etc. you can do it all since the lenders do not question the purpose of your loan.
And the greatest advantage of 4-week short term loans is that your credit score is not being checked by the lenders as an obligatory element of the process. Some may take your FICO score into account to lower the interest but generally, you can skip this step completely. To sum up, one-month payday loans are one of the easiest ways to cover your short term budget holes and close the debt in the latest term possible. Even though the interest rate for these personal loans is pretty high, there are possibilities to reduce it: from putting your great credit score on the table to increasing the repayment period and applying for a two-month loan or even a three-month personal loan. Keep in mind, however, that in the latter case, you will need to plan your budget more carefully for the loan term.Get Started Now!
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