Online loans are often associated with a short, maximum 14-day repayment period. However, there are commitments for a longer period on the market. To meet the expectations of customers, companies propose, among others loans for 30 days. Let’s check when it is profitable to take them and who can use them.
30 Day Loan popularity
The need for payday loans is growing every day due to the increase in inflation over the past year. Thus, today inflation is 8.26 %, which is a record high for many years.
It is precise because of the lack of funds before the salary or some unexpected expenses that customers apply for payday loans to non-bank organizations.
People also lose confidence in the critical press, which quite often casts non-bank lending organizations in a negative light. Of course, some time ago, loan organizations were not under such regulation and there were scammers who did not act honestly. Today, the loan market is already one of the most developed and is not inferior to banks and credit unions.
If we talk about the portrait of the average user of loans, then this is a standard U.S. consumer. His key features are:
- average age 25 to 30;
- income per year is approximately $40,000;
- most of them have at least a high school education;
- employed, trying to build a good credit history;
- about half have their own housing.
Where can I apply for 30 day loans?
When applying for a loan, there are two most popular ways – online and in the lender’s branch. Recently, online loans are gaining more and more popularity due to the simplicity and speed of applying. According to statistics, 83% of users fill out an application online. 29% of citizens still use filing at the branch; usually these are pensioners or people who, in principle, prefer offline submission. 12% combine two filing methods, depending on the circumstances.
Advantages of 30-day loans
A few years ago, the offer of loan companies was associated with very unattractive conditions and a spiral of debt, due to excessively high fees and hidden costs. Borrowers often had to re-indebted themselves to be able to pay off their liabilities and not to struggle with bailiffs. The lender offer has changed in recent years, thanks to which loan customers can count on very attractive offers and enjoy immediate cash withdrawal without unnecessary fees. Do you want to know all the most important advantages of payday loans available?
Here is a list of the advantages of this type of offer:
- Online payday loans
You can receive money without leaving your home. Apply for a loan as well as conclude a contract entirely electronically. Thus, to receive a loan, you just need access to the Internet from any device, whether it be a phone, computer or tablet.
- Quick verification of the application and conclusion of the contract within several minutes
Thanks to modern technologies, the processing of your application takes a minimum of time, and the form itself requires a minimum of information and effort from you, so filling it out takes a maximum of 15 minutes.
- Withdrawal of money to the client’s bank account immediately after the conclusion of the contract
Of course, the working hours of the bank and the time of application also affect the transfer of money. Still, if you have an account in the same bank as the lender, then you can receive the necessary funds even on the same day.
- Payday loans available without credit history verification
For many clients, a bad credit history is an obstacle to applying to a bank. However, in order to receive a loan from a non-bank organization, you do not need to provide information about your creditworthiness, which is one of the most important advantages.
- Loans 24h /7 – you can apply for a loan even at night
Unforeseen circumstances are therefore unforeseen due to the fact that they can happen at any time of the day. That is why non-bank organizations work 24/7, even on weekends and holidays.
- A chance to conclude a promotional contract
The big advantage of payday loans is the possibility of getting the first loan free of charge with 0 % APR. Such a promotion is provided to new customers of the company and is a very advantageous offer.
30 day loan alternatives
There are some of the most common alternatives to payday loans on the financial market:
- installment and personal loans;
- secured loans;
- private loans;
- pawn shops.
We must at this point distinguish between two terms. A typical payday loan is a liability that is repaid in one installment. The repayment period in our case 30 days.
Installment loans are a completely different product – the repayment is broken down into many months, which sometimes connects the borrower with the lender for years. Installment loans are offered with different repayment terms – the shortest is 3 months, and the longest even 36 months. A popular product in this category are loans for 12 months. With installment loans, you can apply for the amount up to $5,000.
If you want to borrow funds for a little longer, let’s know that it will be associated with higher costs and the need to remember to repay the loan in the form of monthly or weekly installments.
Personal loans are essentially no different from installment loans and are also repaid every month, but are issued for up to 60 months and in amounts up to $35,000.
A bank loan is nothing more than a written contract concluded between the consumer and the bank. On its basis, the bank undertakes to make a specified amount of money available for a specified period of time. On the other hand, the borrower is obliged to use the received funds in accordance with their intended purpose, specified terms of the contract, and to return them together with the remuneration due to the bank in the form of commissions and interest.
To apply for a bank loan, you must provide your income certificate and have a perfect credit history.
A secured loan is relatively convenient and beneficial financing that you can use if you are the owner of a real estate (apartment or house), plot, office, or car and you are looking for a large sum of funds to finance any purpose you choose.
As the name suggests, a secured loan must be secured. Therefore, there cannot be security established on the such property against another owner. Therefore, this is the best solution for the scenario when you are looking for a larger amount and at the same time have a property that you want to use as collateral.
Simply put, private loans are a form of financial assistance that is not provided by any registered entities – but, as the name suggests, by private individuals. Hence, another term is equally popular: loans from private individuals. In the case of such financing, we will not meet the typical requirements known from banks or loan companies.
Loans at a pawnshop are characterized by a short repayment period. They are usually granted for a period of seven to thirty days. During this time, the pledged item is in the pawnshop, but it is not his property.
Importantly, the pawnshop’s duty is to store the pledged item properly so that it returns to the owner intact after the loan has been repaid. It is obvious that the pledged item must have a certain value in order to become an attractive collateral. It can be jewelry, electronic equipment, works of art or household appliances.
How to take an online loan for 30 days?
The process of applying for a 30-day loan is very similar to a regular online payday loan.
To receive the money, follow the next steps:
- Go to the lender’s website.
- Choose the amount that suits you and the repayment date.
- Fill out the loan application, providing your personal details, bank account, home address and contact details.
- Verify your identity.
- Wait for the loan decision.
- Receive funds on your bank account if the application is positively verified.
What conditions must be met?
The basic conditions for receiving a 30-day payday loan are:
- 18 years old,
- valid ID card,
- American nationality,
- own bank account in an American bank,
- American mobile phone number,
- e-mail address,
- full legal capacity.
The borrower must also provide information on the amount of income earned. A mere declaration in this regard, in most cases, is enough to make a commitment.
Summary of the benefits of 30 day pay day loans
30 day payday loan is attractive in many ways. Above all:
- they are safe if we use the services of proven companies,
- allow you to borrow a relatively high amount up to $1,000,
- are also available to new customers of a given company,
- do not require the presentation of income certificates,
- all formalities can be done online,
- the liability is repaid once,
- the borrower is informed about the total cost of the commitment,
- the loan can be repaid in advance,
- companies offer many attractive offers for 30 day commitments.
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State regulations may cap the Annual Percentage Rate (APR) that lenders are allowed to charge. APRs for different types of loans vary significantly. For cash advance loans, APRs may range from 200% up to 1386%, for installment loans the range is 6.63% to 485%, and for personal loans, APRs can be from 4.99% up to 450%, with variations depending on the lender. In states without APR restrictions or when borrowing from banks not subject to state regulations, the APR may be higher. The APR represents the annual cost of your loan, taking into account the total charge, the loan amount, the loan duration, repayment schedules, and the timing of payments. Before finalizing a loan agreement, lenders must disclose the APR and other loan terms to you by law. Please note that APRs are variable and may change.
Disclosure of Operations
Certain state residents may not qualify for short-term, small-dollar loans. Specifically, those from Arkansas, New York, New Hampshire, Vermont, and West Virginia are not eligible to use this service. The states where this service is available may change without prior notification.
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