The Home of Easy Finance

We Specialise in Payday Loans

We work with over 40 Different Lenders

We have No Credit Checks

One Simple Application for Every Kind of Loan

Apply Now

Why Choose FinanceNut Tight ?

FinanceNut is for applicants who want a small loan for a flexible period of time with minimal credit checks and requirements.

The application form is simple to complete
Paid directly into your own account
Quick application form and quick approval

Long Term Payday Loans – is it Better or Worse?

We have known a lot of good features about payday loans: quick cash release, less demand for requirements and basic criteria for approval. Those features are quite convincing and convenient to the borrowers. That’s why a lot of people have gotten into payday loans.

Aside from those features, you can also pay your loan up to 12 months if you wish to. If the repayment of the loan reaches up to six months and up, this is considered as long term payday loans. The longer the repayment time, the lesser the value of the repayment fee. But is it really beneficial? Does long term payment worth it? Here’s how we’re going to answer it.

One of the obvious disadvantages of payday loans is the high-interest rates that they put into every repayment fee. This is considered as a culprit for the borrower’s side. The surface rule of the repayment is quite obvious: the lesser the repayment time, the higher the payment fee that they have to give back. So some people decide to not get a short repaying time because it may hinder to their budget and leave them short-funded, rather choose the long term, may help them manage their payment, and be able to pay the loaned cash properly.

It may seem that paying loans for a long period of time would be a less burden to your budget. But if we’re going to think the overall cost of the repayment, we would realize that we have given more money compare in short periods. This is the major disadvantage of long term unsecured loans.

Long term payday loans may cause us to have longer commitment and responsibility to the lender. That there may be a chance that we will encounter unexpected issues that will affect our responsibility regarding the loan. for example, when we chose to have a long time repayment, we would have a big chance of getting other fees like penalty fees and service charges from the lender that will add up to the total repayment cost of what have loaned, if we came to the point that we are unable to pay the repayment fee at the right time. This may get you to have more problems eventually, like having a bad credit history once you end up dismissing your payment. This may lead you to have a bad reputation that will affect you in terms of financial things like applying for a secured loan in the future.

But the good thing about long-term payday loans is that, like what have stated earlier, will give you the option of paying less amount. If repaying the lender for a short period of time with a high repayment fee will cause you to short on budget, it is better to get the option of the long term repayment. Also, though you can spend less money when paying your debt in a short time, but on the other side it will take up a large portion of your monthly pay check that it may cause you not to make the ends meet, you may get into the state of being broke again and get tempted to apply for another loan again that will add up to your liabilities. Even worse, if it may have happened that you can’t pay your loans, this will cause you to have a bad credit history that will lead you to have problems regarding financial things, as stated earlier. So on the other hand, short repayment time has its disadvantages too.

Now, back to the question: is long term payday loans better or worse? The answer on our side would be, it depends on the perception of the borrower. Lending companies give you options when repaying your loan, this kind of issue is discussed first before getting into the deal. It depends on how the borrower will handle the responsibility of repaying the loan, as what is stated earlier, both short term and long term repayments have its disadvantages, so each is considered a neutral choice.

So if you are planning to get a payday loan, you should be aware of how it works, like the repayment time period and its consequences. You have to make a smart choice regarding your situation, of what will be more convenient for you. Because it is better to think about things carefully and clearly before you decide to get engaged to it, or it may cause you more problems instead of a solution.

5 most recent personal loan reviews

Review of Swift Sterling

A process that was made as simple and hassle free as possible. Friendly, helpful staff and the money was paid out as soon as all checks were carried out and they did not take long at all. A good opportunity to borrow money and build your credit score. Thank you Swift Sterling Loans from a happy customer :-)

Review posted by Shehzad Alum, Bridgwater

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Hitachi Finance

Recently turned 18 and wanted to apply for a loan to build my credit score which they agreed was fine. So applied for loan on 3/03/2017 and they rang me and my guarantor the next day at 8am! (Early but fine:) ) to confirm each others details and the loan was paid into my guarantors bank 11am that day 4/04/2017. Very good service and their customer service team are very efficient! Would recommend to use these guys for a loan.

Review posted by Jordan Mabbutt, Plymouth

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Pogo Loans

The whole process was easy and hassle free. The website is easy to use, the information is clearly laid out and easy to understand. When speaking with a Pogo person they were always polite and helpful. And of course, the loan came through on the day they said, I was totally stress free.

Review posted by Nick White, Mold

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money
All reviews have been sourced from Trust Pilot for authenticity.