Payday Loans for a Week

Published: 20/12/2016 and written by Toni Hart

Payday loans for a week

payday loans for a week

Payday loans for a week

Most short term loan providers will offer a loan on a minimum two month basis, with monthly repayments lasting up to a year. While not all direct lenders will offer payday loans for a week, early repayments are usually an option, as most companies will not charge an early repayment fee. The length of borrowing time varies from lender to lender, so check the loan is right for you before you apply.

Are payday loans for a week right for me?

Payday loans and instalment loans may appear to be the same thing, but there is a slight difference. Payday loans require the loan to be paid in full by your next pay date, while instalment loans are paid off monthly. Payday loans can usually be paid off sooner than your pay date, depending on how far you are from your pay date when you take out the loan, and generally work best for people who are paid weekly as the length of borrowing time will be shorter. Those who are paid weekly also tend to find managing their money easier on a weekly basis, so may find payday loans for a week easier to repay.

Short-term vs. long-term loans

Short term loans are generally for much smaller amounts, as they are designed to be paid off in manageable instalments, or in one lump sum on payday. Long term loans are taken out for much larger purchases, such as a house or car, so are spread over a much longer period of time. Payday loans for a week are suitable for borrowers who need a little extra to tide them over until payday.