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With the downturn of the American economy in 2008 many families have turned to payday loans in order to make ends meet. Millions of people are out of work and now face eviction from their homes from either the landlord or the bank. Some of the people who have suffered through these difficult times are turning to payday loans in order to bridge the gap with food and other expenses. However, the short-term nature of the payday loans is difficult for many to handle with a family. That is why the rise in popularity of long term cash advance loans is so useful for many.
How Long Term Payday Loans Help You
Families who take these types of loans often find themselves in a constant struggle to pay off the debts. With only a week or month before the payments are due, there is little that can change in the situation of a borrower. This can really make families feel financial stress because they may decide to use a different lender for more loans to pay off the first one.
Longer term loans allow people to extend the amount of time before the payments are due. This means that people can spend more time trying to come up with the money so that they do not get so many lenders that are charging outrageous fees. One of the reasons why this has never happened in the past is because payday loans are usually given without a credit checks. This means that lenders are taking a lot more risk and they want to get paid quickly.
Taking Advantage of Long Term Payday Loans
The best advice anyone can give families who are faced with the decision about whether or not to take a payday loan, is to strongly advise against it. Nonetheless, for those families who cannot survive without the cash advance loans, long term ones are the best. They will offer more time to pay them back without added fees that will end up costing more than you initially borrowed.
Now that there are long term loans available, it is a good idea to look into payday loan debt relief to get real help with payday loan debt that short-term loans create. Once you are out, you can invest some time determining whether or not you really need additional funds from a payday loan. If you do, go with the long term loan so that you can save money and hassle in the long run.
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People would never sell their cars for sure, the are now getting those crazy title loans.
I know someone who got caught up in this mess. It was so hard for him to finally get out from under them.
Once you get a few of these it becomes a virtual trap and almost impossible to get out of. Thats why I chose this niche because its really helping a lot of people.
Thank you very much for saying that. I am on the 60 in 30 day challenge here at SA. Interest rates for many payday loans are at close to 1000% and some lenders require a client to call in to let the lender know they want to pay down their principal. These clients can go on paying these for a very long time. I am dealing with Cash call for many of my clients and they will loan you $2500 and you will have paid back $13,500.00 when you are done with the loan payments. Can you imagine? Not me.
Also bear in mind these are online/internet payday lenders we are speaking about.
Let's just say NO!!! The get-it-now attitude has been a big factor here. I 'need' the newest gadget, clothes..fill in the blank, even though I don't have the money to pay my electric bill. Sad state of affairs.... Very well written.
Well that is certainly true for many, but a lot of my clients ended up with these due to a medical emergency, car repair etc and were living paycheck to paycheck to begin with and had no where to turn.
David, are the interest rates lower for longer term loans?
They range anywhere from 300 -500% interest but are capped at a certain period of time so you can actually pay them off quicker than an online payday loan where you can pay the minimum interest payment for years. Some lenders actually require a client to call in and ask to have a portion of their payment go towards the principle. That to me is ludicrous because so many people don't realize they have to do that. Then they wonder why they have been paying all this money every month and the principle remains the same.
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