Most people who have used a loan service in the past have used a seven or 14 day loan, but there are also some other options out there. Many people like the 30 day loan, when it is offered, because it gives them the money that they need when they need it without having to worry about paying it off in just a few days time. Most people do not apply for an accept a loan unless they really need the money, and a 30 day loan will allow the borrower to get their finances straight to be able to afford to pay off the loan more easily. Most people will find that a 30 day loan is no more expensive in the long run than the seven to 14 day loan that is more common, yet it gives them more time.
Using the 30 Day Loan
Not all lenders will offer you the 30 day loan; in fact you may have to shop around a bit to find a lender that does offer more than an 18 day loan. When you do find the 30 day loan you’ll usually find that it doesn’t have as high an interest rate as you may have thought. Usually when you borrow $500 for seven or 14 days you’ll have an interest rate that is as high as 1,500% APR but when you borrow that amount for 30 days it may be as low as 300%. This is a huge difference and it is because you have the loan for longer so the interest rate will even out and the lender will have a chance to make money from you over the period of a month.
The nice thing about a 30 day loan is you have a chance to balance out your finances. Chances are if you had something come up that was more than you could afford now it will throw all of your financial plans off course for a couple weeks. Having a 30 day loan will allow you to get everything straightened out so that you can still afford to live and then when you are ready you can pay back the loan. Generally speaking, this is just a lot better more doable than having to pay back your loan in just a few days time when your financial situation is out of whack due to a loan and expenses that you did not plan for.