Lenders often offer 12-month loans even if you have a fairly poor credit rating, these loans work as extended payday loans with fixed repayment amounts. Often the interest rate is tied to your credit history and you could end up with fairly high-interest charges if your credit history is not as good as it should be. These types of loans are referred to as long term personal loans or instalment loans. These loans can be unsecured, secured or even be co-signed with a guarantor to increase the value of the loan offered.
It is recommended that you have a steady income when taking out a 12 month or longer loan as you would need to be able to budget in advance to ensure that the loan can be repaid. This type of loan also tends to have higher costs due to the extended loan period and could possibly have much higher interest charges if your creditworthiness is on the low end of the documents required for personal loan in pnb. This type of loan means that you repay smaller amounts than what you would on a monthly loan (payday loan) which may be more within your budget, but due to the longer time period, you are repaying a larger amount of interest over the 12 months.
Most lenders also require you to have an active checking account, but some will lend you money if you have just a savings account. In many cases, you can qualify for a payday loan even if you have poor credit, and many lenders issue loans without running credit checks on borrowers. How long do I have to pay back a payday loan. A payday loan is usually due on the date you receive your first paycheck after taking out the loan.
However, some lenders require that loans be repaid within 14 days, even if you get paid only once a month. Other lenders may allow you up to 35 days to repay the loan. What happens if I can't documents required for personal loan in pnb back a payday loan.
If you can't pay back a payday loan, the lender might automatically withdraw the funds from your bank account.
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