In the somewhat confusing world of payday loans and cash advances it's sometimes hard to really determine what options each lender has available, such as how much money you can be loaned at one time, how long can you be loaned the money before your payments are due and of course, whether or not it's even legal to get certain types of payday loans in the state that you live in. One of the funny things is that many of the payday loan lenders out there that can legitimately give you the fast financial help that you're looking for basically follow the same sets of rules when it comes to their application and loan criteria. But, the fact that each one puts their own marketing spin on what they can offer you as far as a cash advance goes, they all seem to become quite overwhelming.
This is especially true with the length of loans that you can receive from payday lenders, as many claim that you can payback your loans in two different time periods, either 14 days (two weeks) or 30 days (one month). The majority of cash advances (both retail store and online) are based around the 14 day period because most people who are looking for a loan get paid every 2 weeks. This means that they borrow their payday loan amount on the basis that they post date a check that will will pay back the lender both the loaned money plus a fee (usually between $10-$30 per $100 borrowed). But, not all of these lenders strictly stand by only 14 day loans as there are several who also offer a 30 day payday loan and they do this a few different ways that I explain below in the rest of this article.
30 Day Cash Advances Are Available If You Get Paid Monthly
One of the main issues with most lenders only offering the 14 day loans is that there are several people out there who only get paid once a month, which would mean that it would be impossible for them to pay back their loan after only two weeks. If someone who gets a paycheck only once a month is in a pinch for some money in the beginning of the month, it's pretty month a given that they are still going to be in that same pinch up until they get some more money in their bank account after getting paid at the end of the month.
If you're someone who only gets paid once a month and you're looking into quick cash loans, you shouldn't be afraid that there are no payday lenders out there for you because there actually are plenty. Some of the lenders will only offer a 30 day loan to someone like you who can actually prove that you're only seeing cash flow come in once a month, So, if you can follow their application guidelines and there's no rules against payday loans in your state, then there's basically no reason why you shouldn't be able to get the cash that you're looking for and being able to borrow it until the end of the month so you can pay it back.
Turning A 14 Day Payday Loan Into A 30?
There's also another option if you need to apply for a 30 payday loan - cash advance rollovers. What this means is that even though you don't initially get approved for a 30 day loan, you can still turn a 14 day loan into a 30 day loan simply by rolling it over into another 14 day loan once it matures. This is something that many lenders will tell you as another possible option if you're dead set on needing the full 30 days to pay it completely off and as long as you know the details that comes with it, you should be fine.
Before taking this approach to getting a 30 day payday loan, you should be aware of the following information:
- Rolling over a 14 day payday loan into a 30 day won't damage your credit at all and will not be reported.
- Some states do not allow payday loan rollovers, so be sure to ask your lender about the rules before you try this option. If this is your first cash advance, there shouldn't be any problems.
- Sometimes when you roll over you're not required to pay anything down on your loan principle, but you will still be stuck with more fees that you'll be required to pay once the 30 days are up.
- If you don't really need the loan for 30 days and can pay it off after day 14, then do it. This method should not be taken lightly as it will make your loan fees jump up quite a bit and it could potentially leave you in a worse financial situation than you are currently.
So, although this isn't exactly what I would consider a conventional way to get approved for a 30 day payday loan, but it will work as long as you can find the right lender to work with.
Other Options Available
There are other lender options available, too such as Magnum Cash Advance who offer a twist on online payday loans and who not only allow you to borrow up to 30% of your monthly income, but also allow you to have a more flexible payment schedule if you need it. Also, one of the other great things about a lender like this is that you're only charged fees on the days that you need to specifically need the money. This means that if you only need the loan for 8 days and you happen to get the resources to pay it off at that point, then you can go a head and do it and pay less fees because of it.
So, there are several options out there if you're needing to find yourself a loan that's longer than the standard 14 days, you just need to begin to research and be aware of what a 30 day loan will entail as far as your financial responsibility goes. Good luck finding yourself a loan and be sure that you never, ever make these types of fast cash payday loan options something that you do on a regular basis. They're only meant to be for emergency and one-time situations when you need money and you need money now.
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