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Can I get a 30 Day Payday Loan?

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A 30 day payday loan has a 30 day repayment period from the time you borrow the money. Payday loans in general are designed to be short term loans. Since most people are paid weekly or biweekly, most payday lenders structure the loans to be paid back within one to two weeks. As such, many of the fees associated with payday loans are charged on a weekly or biweekly basis. This means that while it may be possible to get a 30 day payday loan, you may pay more in fees and costs for doing so.

Getting a 30 Day Payday Loan

When you get a payday loan, you are charged a fee for the loan that is usually based on how much you are borrowing. Commonly, payday lenders will charge between $15 and $20 for each $100 borrowed. This means that you are essentially paying 15 percent. If you take a longer loan, however, that fee may rise. This results in you paying more in interest. The interest rate can reach an effective rate of several hundred percent per year, which is a pretty high amount relative to credit cards and other types of loans. AS such, once you take such a long loan, unless you have a clear cut plan to pay it off, you may find yourself in a cycle where making tat payment leaves you short next payday and you once again have to take another payday loan.

Therefore, before you take a 30 day payday loan, make sure you understand how much it will cost and create a plan to pay back the loan without hurting your budget. If you are unable to do so, you need to think carefully about whether you have other options besides taking such a long payday loan. You also need to shop around for a lender that offers you the least expensive for a 30 day payday loan. Online lenders and in person lenders should all be contacted to find out who can offer you the 30 day payday loan for the most reasonable amount.

It is important to note, however, that although a 30 day payday loan may be more expensive than a shorter payday loan, it is often a better bet than taking a shorter payday loan and then renewing the loan the next week, and the next. If you do this, then you will pay a separate fee for each week you take a new payday loan. This can result in an even higher effective interest rate and can be a worse financial decision than simply finding a lender who offers a 30 day payday loan in the first place.

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