Sometimes people with bad credit need a 30 day loan, and they need it fast. Usually, because of their situation they are left trying to find an immediate cash loan from a payday or title loan lender who is willing to offer them such financing. However, there are a few key issues that you should consider before you take out the loan. In this article we will discuss the issues surrounding both a 30 day payday loan and a title loan, hopefully helping you to be able to make a better, more informed decision.

30 Day Payday Loans

You might be surprised to find out that most payday lenders don't actually offer 30 day loans. What they do offer are loans that are due by the time you get your next paycheck, which is 14 days for most people (i.e. most people are paid bi-weekly). So do you have a chance to get a payday loan that gives you 30 days before you have to pay it back? Possibly, but you will most likely only be eligible for such a loan if you actually only get paid once per month.

Frankly though, this is probably not a bad thing. Given how much payday loans and immediate cash advances cost, your are probably better off by only taking out a 2 week loan instead of a 30 day cash loan. For example, if you were to take out a 1000 loan from a payday lender, you would end up paying around $175 just to borrow the money for two weeks! For a 30 days you would pay double, or around $350! And this rate does not decress - for a 3000 loan you would expect to pay around $580 for the two weeks!

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Title Loans

With title loans you have a different story. They are classified as an option if you are looking for a 30 day loan bad credit, as most of them are not due for 30 days. However, this doesn't mean that you should take this type of loan out instead of a payday loan. Yes, the costs will be somewhat lower than the payday or cash advance option, but there is one additional requirment that I don't like with these loans - you have to sign the title of your car over to them in case of default (and they don't give you much time if you miss that payment).

The reason I don't like this fact, even though it gives you a lower interest rate is becuase of the risk that you have to take on as the borrower. Most people in this situation can not afford to lose there car - that would only DRASTICALLY hurt you financially. Of course if you pay off the loan on time then you don't have anything to worry about..but if you end up with a problem you could be SOL just because of a single 30 day loan.