An instant need for car repair, a medical emergency, an unexpected situation, and you cannot postpone acting…You think for a moment and realize that paying any unordinary expense will get you broken. However, you need immediate financial assistance. On the other hand, banks cannot respond to your demand nor having a loan with one installment is suitable for you. You are in real trouble. One moment! There still exists the chance that you apply online for 3 month payday loan. Yet, is it an option to consider?
Recently this type of payday loan became very popular. It is found offering flexibility and less financial stress to prospective borrowers.
Just like lenders, you may also agree that it is the best option. Still, before making any decision, it would be good to study it further. Learning about this specific loan type, its pros, and cons, comparing it with other installment loans available, in addition to understanding the feasibility and flexibility it provides are crucial for arriving at the right decision.
What is a 3 Month Payday Loan?
The 3 month payday loan is a short-term loan of a small amount typically $ 500. Borrowers can repay the loan in 3 installments spread equally over 3 months. In other words, borrowers have the comfort of paying the loan, its interests and service charges on an expanded period of 3 months.
Why You Should Choose The 3 Month Payday Loan?
- Its Prerequisites Are Simple
Applicants of this loan type do not necessarily need to have good credit history nor an asset to serve as collateral. The mandatory requirements are being at least 18 and having a source of income.
- The Application Process Is Handy
Unlike traditional payday loans, borrowers can apply online and get a swift response about the 3 month payday loan putting an end to the hassle of rushing to a lender’s office. At their convenience and within a matter of few minutes, applicants can complete the mentioned loan form online and figure out their eligibility maximum during the very next business day. The flexibility of the process makes this loan type handy. One needs to remember that small amount loans aim to provide instant cash necessary for treating an unexpected situation. Lenders are aware of this fact.
- The Process Is Quick
There is no need to wait for weeks to accomplish the loan process and have the amount deposited. Borrowers apply for the 3 month payday loan online while verifying applications mostly takes a few minutes. This is mainly because this loan requires limited background screening including basic information about the applicant’s source of income, address, age, and identity. There is no need for lenders to emphasize the applicants’ credit history as it is the case of traditional loans or installment loans that require significant collateral. Here the cash amount is not large. There is no need to apply for a loan program that has a slower process.
- NO Intensive Credit Check Process Similar to that Practiced by Banks
There are cases when banks consider the applicant credit risk due to a previous delay in repayment, charge-offs, etc. revealed through the credit check. In other words, an old situation influences the new, making the traditional loan applicant a poor one. On the contrary, lenders of 3 month payday loans do a basic check for requirements and applications are approved in most cases. Lenders do not concentrate on the credit history nor the assets as means for collateral. Eventually, the loan is relatively small, not for a big purchase as in the case of installment loans. Therefore, this loan type might be the only option to overcome the financial constraint. It works as a cure for bad credit holders while attempting to secure instant cash from direct lenders.
- Repaying This Loan Is Easier
The 3 month payday loan is meant for securing a small amount to be due for repaying in 3 equal monthly installments. In most cases, it is more convenient for borrowers to repay the small amount even in smaller chunks rather than one.
Applying Online for the 3 Month Payday Loan
The process begins the moment the applicant fills out and digitally signs the online application form. When the application is submitted, the recipient reviews the form, verifies the information, and notifies the applicant, either by phone or email, if there are any pitfalls or the application is in progress. Therefore, close attention should be paid to all the emails received from lenders. Approved applicants usually receive the amounts desired during the next business day following the submission of their 3 month payday loan application online.
- Define the loan amount
- Get necessary documents ready (proof of identity, employment contract or proof of monthly income, credit card, and address)
- Select the 3 month payday loan option
- Fill in the online application form
- Add your electronic signature
- Submit your application
- Check your email frequently till getting a response from the lender
What Challenges Do 3 Month Payday Loan Borrowers Face?
- Having multiple bankruptcy cases filed during a year before applying for the 3 month payday loan may make it impossible for the lender to extend the desired loan.
- The interest rate may be relatively higher than in the case of traditional installment loans. Still, when one considers the need for instant cash, the proposed interest rate for getting this loan will be understandable and acceptable.
- The 3 month payday loan has the rollover option when not paid within the defined period. It can be renewed and rolled over a new loan with/without the interest outstanding on it. In this respect, it is important to consider the rollover option wisely to support your situation and case.
In conclusion, 3 month payday loans online are the best option for overcoming unexpected financial situations. They do not restrict the borrowers to pay the credited amount, even when relatively small, in one installment. Instead, they are spread over 3 months offering flexibility and convenience. The proposed loan type is much better than the traditional or installment loans in terms of expediting the receipt of instant cash. It does not require a thorough credit check by banks nor a full study of credit history. Borrowers find it easy to apply for this loan online avoiding the hassle of running to the bank or the lenders’ office. Lenders usually respond to queries by debiting the cash in the borrower’s account in a matter of one business day. However, borrowers should prepare information on their employment status, address and check their emails frequently. They need to pay attention to details relevant to due dates.
There are times when we face unpredictable situations and a little financial support can alter the situation fully. It helps us bear the situation, stand on our feet, and carry on.
If it is still not clear which type of loan suits your case best, do please contact us. We are here to help you.