Long Term Payday Loans
Long term payday loans are not exactly what they say they are. Getting a long term payday loan basically means that you are rolling payday loan debt into another loan, such as a home equity loan. Applying for a long term payday loan is relatively easy, but you want to make sure you ask the right questions.
When searching for the right long term payday loan for you consider the interest rate, late payment penalties, and real purpose for the loan. The interest rate of the long term payday loan needs to be lower than that of your existing loans in order for the 'switch' to be worth it. You are not going to find a 0% interest loan, but if you keep searching, you will find one that is acceptable to your needs. Don't just settle for the first long term payday loan that is offered for you. You deserve the best!
Late payments penalties are where most loan companies make their money on long term payday loans. Even if the interest rate for long term payday loans are extremely low, if you are paying outrageous fees for late payments, is it really worth it? Now, you do have the choice to go this route and vow never to make a late payment on a long term payday loan, but that is a personal decision. What I mean is, are you the type of disciplined person to make this long term payday loan a priority over anything else so you don't have to worry about late payment fees? I'm not, I would rather settle for a middle of the road interest rate with middle of the road late payment fees for long term payday loans.
There will always be a time when ends don't meet and I don't want to make my situation worse for it. This is not to say that there aren't disciplined people out there that have never had a late payment and can manage this kind of risk. This brings me to the purpose of the loan. What got you in the position to have to take the long term payday loan out in the first place? The answer to this question may tell you a lot about the type of long term payday loan you should take out.