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Quick guide on getting a 7-month loan

Whether you need money to cover up another loan or you are planning some vacation, or maybe you need to pay the bills, a seven-month personal loan is a great way to cover your budget holes. Read below all essential information on how to apply and get approval for a short-term loan.

How does a seven-month personal loan work?

Note: There is a difference between seven-month payday loans and seven-month personal loans.

If you consider getting a personal loan, then the lender will divide the whole loan amount plus interest and fees into 7 or 14 equal payments, where the last one would usually be bigger than the rest. Here you are the one setting up the repayment date every month and repayment are not directly connected to your payday. In case of late or missed payments, generally, the lender would not pose any additional charges.

Should you go with a payday loan option, be ready that the repayment date will usually equal your pay date, late and missed payments would be subject to fines, and that overall interest rate (so the total sum of return) would be significantly higher.

How much do 30-week payday loans cost?

There is no unified formula to calculate the total cost of a payday or personal loan for 30 weeks. The factors influencing the final sum are the state where you get your loan approved, particular lender’s processes and charges, additional fees and fines, interest rate, the amount borrowed, and, of course, your paperwork. While both thirty-week personal loans and their payday alternative do not rely on your FICO score, your overall current financial status will be accounted for. 

What do you need to look for when comparing 210-day loans?

Since there are two options (personal and payday loans), carefully review your state legal regulations of such loans to ensure that they are legal. While personal loans are legal almost all over the country, payday loans in Vermont are illegal, the state of Montana heavily regulates them, and payday bad credit loans in North Dakota are absolutely legal. Besides the local regulations, every lender has its own set of requirements and loan regulations, so ensure to inquire full list of requirements from every potential lender. And here pay attention to the additional fees, loan repayment flexibility, any late payment charges and fines for your thirty-week loan, and, of course, the interest rate. Try to get a lender who will not charge you for late payments and will offer changeable interest rate (the one that will be recalculated after every payment made: the more you repay, the lower your interest is).

Am I eligible for a 7-month payday loan?

Every citizen and long-term resident of the US who is 18 years of age or older, has a job for over three months and a regular source of income is eligible for a seven-month payday loan as well as a personal loan of the same length. Yet remember that:

  • Payday (personal) loans need to be legal in your state.
  • You need to have a working contract to prove your employment.
  • Lenders might have minimum salary requirements that would depend on the amount lent

How can I find the right thirty-week short-term loan for me?

The right 30-week short-term loan is the one you can repay without making more harm to your credit history and FICO score. So to find the best personal loan you can afford, consider your monthly budget, the loan amount you need and consider whether you will be able to repay it in seven months. Keep also in mind that there will be some processing fees and additional charges individual to every lender. Besides that ensure that you cooperate with a reputable lender (you can simply check online reviews of the prospective candidates).

How do I compare my 7-month loan options?

There are several simple elements that constitute every application process. By checking every offer according to them, you will be able to select a perfect match for your needs.

Here are the four basic components to keep in mind when comparing offers for 20-week personal loans:

  • Local regulations. Every state has its own understanding of how 30-week personal loans, including payday loans, work. So check your local regulations prior to filing the papers to ensure that you follow the rules and avoid any legal consequences.
  • Application regulations. These vary from lender to lender. Some would need you to have a minimum monthly income of $3,000, others may request your working contract to be active for half a year and not 3 months; some lenders allow flexible repayments, others would charge you extra fines for the delayed payments. Make sure that you carefully examine every offer in terms of application regulations and payment rules.
  • Cost. As mentioned above, 210-day loans cost more than just the amount lent since there is interest rate, processing fees, extra fees individual to every lender, and possible fines should you break the agreement in any way. So scrupulously ask every lender about the total cost of your loan and any additional fees to understand the total loan price.
  • Approval time (if important). As a rule, 7-month personal loans are approved within one business day, however, in rare cases, it may take up to three. Should the timing matter for you, ask about it as well.

And do not forget that when applying for a seven-month payday loan you need to always ensure that this type of loan is legal in your state!

How do I apply for a 210-day payday loan?

To apply for a 210-day personal loan, collect your paperwork and re-calculate your monthly budget and budget needs to review for the last time your financial possibilities. Then take your papers and visit the selected lender, discuss the final conditions of your loan and either sign the papers or visit another lender. It is highly advised not to file several applications at a time since multiple personal and payday loans might harm your credit score.

What are the benefits of a 30-week personal loan?

7-month loans offer the greatest advantage of all – they are approved fast and they have very low approval requirements. This means that even if your credit history and FICO score are far from perfect, you can still get a fair deal with a personal loan for seven months. Besides that, contrary to payday loans, personal loans are available almost in all states so are open to people across the country. And not the least important fact is that thirty-week loans are generally easy to repay which means that you can perfectly heal your bad credit by also getting some additional funding. After carefully reading all the information above, you are now ready to apply for a seven-month loan and get the fast approval. Keep in mind that if you would like to lower your interest rate, you can always apply for a 6-month personal loan; and in case you have calculated that you need more time for repayments, consider 8-month loan as an alternative.

Explore other loan terms:
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Quick guide on getting a 7-month loan
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