The most common option for such situations is the 30 day payday loan. Even though most payday loan lenders typically prefer giving loans that mature in 2 weeks, they will make exceptions in certain cases. Mainly, if your paycheck comes monthly then they will allow you to take out 30 day cash loans, since you are really backing up the loan with our next paycheck.
So what are the costs for a 30 day payday advance? They are high – very high, which is the reason you may want to only take out a 14 day loan or skip the loan altogether. Basically, you don’t generally get much of a discount in terms of the annualized percentage rate on 30 day loans vs shorter-period loans…which means you will pay around 450% (or more) in interest annually on the loan (i.e. if you held a 500 loan for one year then you would even up paying over $2,250). In one month, you would pay 1/12 of that amount, or around $187.50 just one loan under $1000.
Can you really get a 30 day loan bad credit notwithstanding? The answer to this question is yes, you can. Quick payday loans do not require a credit check, and as such are available for bad credit borrowers. In addition, you will need to have a job and a valid checking account in order to secure the loan. You will need to show proof of when your paycheck comes, especially if you are trying for the loan that is not due for 30 days.
Summary
30 day loans can be a bridge-gap for urgent needs for which you don’t have cash now. However, as with all immediate cash loans, be sure to understand the costs and structure of the loan you are signing – otherwise you may end up hurting yourself financially by taking out this loan.
I am trying two get a $350 loan for 30 days, please help! Thanks
@damarcrus,
What is the reason you need to borrow $350? Also, how often do you get paid? I’ll need this information before I can make a solid recommendation.
Best of luck!