No Such Things as Long Term Payday Loans!

People ask “are there long term pay day loan options?”

Unfortunately the quick answer is no.

But that is not to say that there are not other options if you would like to borrow money with a longer repayment term, even if your recent personal financial history could be a little better.

A payday loan is only designed for up to 30 days

payday-loan-application-formBecause they are designed as short term lending, they are generally quite easy and fast to get, do not require credit checks or a clean financial history, but are generally very expensive.

They start to become extremely expensive when rolled over from one month to another, fees and interest compounding very quickly to very rapidly increase the debt.

There are though other cheaper long-term options available

If you are finding that your payday debt is spiralling; or are just looking for a longer term option, we believe that we can help below:

Option 1: Friends or family – the cheapest option

Many people immediately dismiss borrowing from friends or family because it can potentially be embarrassing for some people to ask.

This can often be a good option that is worth exploring; primarily because it’s much cheaper than many of the alternatives!

If you have any concerns about approaching your family and friends for a loan, the Money Advice Service has compiled a very useful guide to the pros and cons of this type of way of borrowing money. Check out the article below to see what they had to say:

Option 2: Third-Party Guarantors – a great alternative

two-young-peopleIf your friends or family do not have the money but trust you to make all of the required repayments; then exploring options where someone guarantees your repayments might be an option worth looking at?

Typically available for sums ranging from £500 to £10,000 for up to 5 years; they can offer the ideal debt consolidation tool.

Because the third party ‘guarantor’ guarantees to make repayments should the borrower fail, the recent financial history of the borrower is rendered almost irrelevant and because of this, this type of finance is now widely available.

What is your credit rating?

To check the current level of your rating to see which options are available, we strongly recommend heading over to the Checkmyfile website to view the UK’s only multi-agency report.

Once there you will have the option to sign up for a one off FREE 30 day report. To view your one off 30 day FREE report, please click here. Alternatively, if your FREE period has expired, you can order a comprehensive report for a one-off payment of £19.99 by clicking here.

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