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Long Term Payday Loan

One of the best kinds of cash loan for a person to get is a long term payday loan. A long term payday loan is a loan that doesn’t have to be immediately paid back.

Most payday loans have to be paid back very quickly usually within a few weeks or months of the beginning of the loan. This can present a real hardship to persons who are strapped for cash. Many of these people end up taking out other cash loans or paying high renewal fees to keep the loans from going to collections. This can cost a person a fortune and cause a lot of grief.

Getting a long term payday loan, a loan that can be off in a long period of time such as several months can save a borrower money and trouble. Unfortunately many cash lenders don’t like to make long term cash loans because they make more money from short term cash loans.

Short Term and Long Term Payday Loans

The typical payday loan is a short term loan that comes due in one or two weeks usually on the borrower’s next payday. A long term payday loan on the other hand may not have to be paid off for a year or longer. Many long term payday loans require the borrower to make a minimum payment every month.

Most of the check cashing and fast cash outlets that operate in storefronts will not make long term payday loans. To find a long term payday loan most borrowers will have to go online and locate cash or hard money lenders.

Requirements for a Long Term Payday Loan

The main requirement most lenders have for a long term payday loan is proof of steady employment. The borrower will have to demonstrate that they have or will have the money to pay off the long term cash loan in the future.

The borrower will have to prove that they have a stable work history and job they’ve held for a long time to get a long term payday loan. The lender will probably demand to see the borrower’s bank statement or pay stubs as proof of income. Some lenders may also contact the employer to verify the borrower’s claims.

It may also be possible for a person with a steady source of income other than a job such as a pension, government benefit payment or settlement payments to get a long term payday loan. Such a person will also have to present documentation that verifies their income.

Where to Find a Long Term Payday Loan

The average person will have to go online to find a long term payday loan. There are many lenders that make online long term payday loans.

These lenders may or may not operate in every state because of state laws regulating loans. These online lenders are easy and find and easy to do business with for those who have a good job and a good salary or wage.

Typing the term long term cash loan into a search engine should produce a list of lenders willing to make long term payday loans.  Comparing a number of these lenders offers can help a person get a really good deal on a long term payday loan.