What is a 30 Day Payday Loan
A 30 day payday loan gives you 30 days to repay the loan which starts from the moment that you borrow money. Payday loans are short term loans that are paid back when you receive your next paycheck. Most people are actually paid weekly or biweekly, so many payday loans are structured around this time period. It is possible to get a 30-day payday loan, but keep in mind that you will be paying more in fees for a longer term.
Payday loans have fees attached and the fee that is charged is usually based on the amount that you borrow. If you take a loan with a longer period, then you will need to pay more in interest. You will then need to be sure that you are able to afford a 30-day payday loan and the interest that is charged, otherwise, you risk entering a cycle of debt.
You will need to create a plan where you are able top pay back the loan without it hurting your budget or affecting other bills that you need to pay. If you are not able to do this, then you need to consider other options that are available to you instead of taking a long payday loan.
It is a good idea to shop around for a lender so that you can find a 30-day payday loan that has the lowest fees. You should contact lenders online and at physical lending offices to find out if they are able to give you a 30-day payday loan and if they are willing to offer you reasonable fees.
A 30-day payday loan might be more expensive then a shorter payday loan, but it can often be better then taking a payday loan that has a shorter term, then having to renew the loan the week after and the week after that and so on. If you extend a short payday loan, then you will need to pay a separate fee for every week that you extend the loan. This means that you can be paying more in interest and end up in a worse financial position.