There could be several reasons why you wish to look towards taking out a payday loan. This could include anything from an unexpected tax bill that is much larger than expected, small cashflow problems as you wait for your first pay packet in a new job, or an emergency repair that is required on your car, home, or much-needed appliance. If it really can’t wait until next payday there are options open to you in terms of taking out a payday loan from a responsible payday loan lender.
A payday loan is a small loan that can be taken out for up to one-month, allowing you to cover costs for a short period of time, with the idea that the next time you are paid by your employers you will pay of the initial loan sum, as well as whatever interest was attached to that figure.
What happens though if you would like a little bit longer to pay back the loan?
A flexible instalment loan is an option that payday loan lenders provide, with a short-term loan that offers a larger loan sum amount and a longer period of time for you to pay back the loan. This could be up to 6-months in most cases. What this does is provide greater flexibility to the borrower, as well as makes the responsible lender a much more enticing prospect.
By taking out an instalment loan you can have longer to pay back a loan, and make sure that you are actually paying a lower amount each month when paying back as part of the repayment terms. Of course, overall you will be paying a larger amount of money back, but this is all agreed beforehand.
The best payday loan lenders are those that make the application process as simple as possible, with an easy-to-use instalment loan calculator on display on the website that lets you see the effect of a longer loan on the overall money you will be paying back to the company after you have taken out a loan.
It is important that you utilise a tool such as a loan calculator, as it will give you different options and amounts to consider. You might want to take out a loan over a shorter period of time, with higher monthly repayments but a lower overall loan sum to be paid back, or vice versa with lower monthly repayment spread over a longer period of time, resulting in a higher amount paid back in total. The choice is up to you.
If you are interested in taking out a flexible instalment loan rather than a payday loan that must be paid back within one-month of being taken out, explore your options carefully. You will find responsible payday loan lenders that can help you take out a short-term loan for any purpose you require, without placing you in greater financial difficulty and a spiral of debt. An instalment loan provides you with flexibility of payment and a chance to cover costs without getting into further trouble.