Long term payday advances versus temporary pay day loans. The expense of longterm borrowing may vary significantly.

Long term payday advances versus temporary pay day loans. The expense of longterm borrowing may vary significantly.

Some loan providers offer longterm payday installment loans, while other people provide renewals or extensions for longer term borrowing.

The price of longterm borrowing may vary significantly.

A 7-day loan may have charge of $15, while a 3-month cash advance for similar quantity has a cost of $50. The total expense can be much more, nevertheless the effective rate of interest is commonly lower for very long term loans.

Having said that, if perhaps you were to restore or expand that exact same 7-day loan for a few months, you’d end up having to pay significantly more than three times more in additional charges. Continue reading →