Long-Term Payday Loans: Myth or Reality?

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John Brown

John Brown, Financial Analyst

Last Updated:

What are “Long-Term Payday Loans”?

You’ve heard it too, haven’t you? It’s a recurring hype – get quick payday loans that you can pay over an extended period of time. Well, those don’t truly exist. And if anyone tells you so, they are not talking about payday loans; they’re probably talking about installment loans. Payday loans, by definition from CFPB, are short-term funds you can borrow and repay at your next payday, usually within two weeks to a month. Generally, the maximum amount of money you can get with a payday loan is around $1000.

If you consider a month to be a long timeframe, then sure, you can call them “long-term payday loans.” But, generally speaking, this term is incorrect. When repayment goes beyond the borrower’s next payday, these and more accurately called short-term loans or installment loans. Payday loans are usually paid back in one lump sum, which is also why annual interest rates can seem much higher. Depending on your income and credit history, lenders may decide to split the funds into two payments. You should review and discuss those terms directly with your lender prior to signing an offer agreement.

Finding the Best Payday Loans AND Long-Term Loans

The term “best” can mean many different things depending on context. What does “the best loan” really mean? What is best for you may not be best for someone else. What does your current circumstance require? Regardless, it’s a good idea to make sure any loan offered to you is legitimate, has manageable repayment terms, and is sourced from a vetted lender. With GetCash.com, you are one step away from finding those kinds of loans.

GetCash.com can connect you to a vetted lender in our network, that can offer both payday loans and installment loans. All you need to do is fill out and submit our short online form, as well as meet the following basic criteria:

  • Be at least 18 years old;
  • Provide some source of income including salary, social security retirement benefits, supplemental security income, military/veteran compensation or allowance, etc.;
  • Have a social security number; and
  • Have a bank account.

No gimmicks, no hidden agendas! We realize the last thing you want is to be meddling with tons of paperwork, make a dozen appointments, or search the entirety of the World Wide Web before you can find a trusted lender. So we’ve made the process as easy as possible for you.

But that’s not the only reason why you should go this route. Here are a few more reasons why we think GetCash.com is one of the top loan finders in the industry:

  • Speed – get connected to a lender within minutes. Shortly after submitting the form, you should get a loan offer reply from one of the lenders in our network. If we can’t find a lender that wants to work with you, we will let you know that too.
  • Convenience – everything is done online. You only need to answer a few questions; no documents to upload yet.
  • Privacy and Data Security – we use industry recognized data protection to ensure your information is safe. Your personal information will only be sent to our vetted network of lenders and financial services providers.
  • No Obligations – you do not have to accept the a loan offered to you if you do not like the terms. You may reject it and submit another (shorter) form on our website to see what other lenders might offer.

Long-Term Or Payday Loans with Bad Credit: Things To Know

As we mentioned earlier, the concept of a payday loan with a long-term payback option is an oxymoron. Payday loans are simply a short-term solution, usually for individuals with a poor credit history, who are looking to borrow some quick money for emergency purposes.

But could you get a long-term loan (aka installment loan) even with poor credit? The short answer is yes, but it all comes down to the lender’s willingness to make you a loan offer. That’s where our service can be useful, because we can reach out to our entire network of lenders to see which ones may be willing to work with you even if you have poor credit. In some cases, you can get a long-term loan by posting collateral, such as a car or another valuable asset, which might allow you to borrow more than the $1000 payday loan limit, and pay that back over a set number of months at a lower interest rate.

Here are the steps to find out what you can qualify for:

  1. Start by filling out our online form.
  2. Our system will connect you to a lender willing to work with you and your specific circumstances. If we can’t find a lender for you, we’ll let you know that as well.
  3. You will be redirected to the lender’s loan offer.
  4. In many cases, you can accept your loan online directly from the lender’s website. In other cases, they may want to talk to you or collect additional information. In either case, once your loan is approved, money is usually in your account by the next day.

How easy is that?

Long-Term Payday Loans with No Credit Check — A Common Mistake

The idea of being able to skip the credit check in order to get an installment loan instead of a payday loan is a common misconception. This may only work if you are borrowing money from a peer who does not understand the lending process or who has enough money to spare for a while.

Most licensed lenders will do their due diligence and assess their risks properly before making a loan offer. In fact, that is usually something done automatically by their software algorithms once you’ve provided your social security number. You simply cannot circumvent that. Most lenders do a “soft” credit pull, which does not impact your credit score or your credit history.

Not only will lenders see your credit history, but they may also learn if you have another outstanding loan while requesting that one. This is a quite common situation; so let’s address it next.

You Have Been Approved for Payday Loans, When You Need A Long-Term Personal Loan: Things To Do

If you have outstanding loans, you may benefit from a loan consolidation. This simply means getting another loan that is used, in part, to pay off your other outstanding loan or loans. This is usually done when you happen to falter on a payment or cannot follow through with your payment plan anymore. But in some cases, it can be done to give you one easy (sometimes lower) payment, and can even save you money by paying off more expensive loans.

However, if you’ve only been approved for a payday loan, it is likely because of your poor credit history. This may make it more difficult for you to get approved for another loan until you’ve finished paying your current one, though we always advise bringing it up with your lender as they may have alternative options. If, on the other hand, your credit history is decent, but you decided to take out a payday loan, then it may be easier for you to get a long-term loan. In either case, just fill out our online form and find out what you may qualify for. You won’t lose anything by trying!


When do I need to pay off a payday loan?

As it comes from the name, a payday loan needs to be paid back as soon as you get your next paycheck, i.e., within a month. If you need a long-term loan, try to apply for an installment one.

How much money can I get as a payday loan?

The amount you can get as a payday loan depends on your credit history and the individual lender’s policy. In most cases, payday loans can be from $1000 up to $1000.

I need money right now, can I get a payday loan today?

With GetCash, you can find a lender within several minutes, however, a designated lender will need some time to review your application and deposit money to your account, so instant payday loans hardly exist. Sometimes, you can get the money as soon as the next day, sometimes, it takes a bit longer.

Do I need to provide proof of employment to get a payday loan?

GetCash doesn’t ask you for any documents, but a lender can request additional information if there are some questions about your application. In most cases, you don’t have to be employed to get a payday loan, however, you need to have some kind of steady income, including unemployment benefits, social security benefits, etc.