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30 Day Payday Loan

The biggest drawback to most payday loans is the short period of time most borrowers have to pay them back. The average payday loan becomes due in about two weeks or on the borrower’s next payday.

Many people have trouble paying off these loans because they still have day to day expenses such as food, gas, utilities, housing and insurance in addition to the loan pay back amount. Fortunately there is a good alternative to this arrangement: the 30 day payday loan.

A 30 day payday loan is a loan that has to be paid back in 30 days rather than two weeks. This gives a person more time to pay off the loan and the ability to cover other expenses as well as the loan. For persons with a limited income a 30 day payday loan can be a great alternative to a regular payday loan.

How a 30 Day Payday Loan Works

When a person takes a 30 day payday loan out they usually have more than 30 days to pay off the loan. This occurs because the borrower is given 30 business days to pay off the loan.

Business days are the days that legal business can be conducted upon traditionally Monday-Friday. Sunday and Saturday are not considered business days. A good way to think of a business day is that a business day is a day when government offices and banks are open for business. This means that holidays including holidays on which most have to work such as Columbus Day are not considered business days.

Since business days are not included in the repayment period a person usually has four full weeks or 38 days to pay off a 30 day payday loan. No individual should take this for granted because some payday lenders might include normal days in the repayment period.

Always ask the payday lender for the actual date that the 30 day payday loan will come due. This way a person will know when they have to pay off the loan.

Advantages to a 30 Day Payday Loan

The main advantage to a 30 day payday loan is obvious it gives the borrower more time to pay. This means that a borrower won’t need to pay a fee to renew the loan every two or three weeks.

A 30 day payday loan might cost less than a regular payday loan because the borrower doesn’t have to pay an extra renewal fee. The drawback to a 30 day payday loan is that a lender may charge additional interest or fees for such a loan.

When to Get a 30 Day Payday Loan

A person should get a 30 day payday loan when they know that they won’t have the money to pay off a payday loan for at least a month.

An example of this would be an individual who gets a government benefit, pension or other payment once a month. Such a person may not be able to pay off a loan for a month. Another example would be person who needs time to tap into some other source of funding such as a home equity loan or to raise cash by selling off real estate or other possessions.

A 30 day payday loan can be a good means of financing for a person in financial distress.