WHAT IS A 3 MONTH PAYDAY LOAN?
A 3 Month Payday Loan is practically the same as a traditional Payday Loan. A Payday Loan is a short-term type of loan that you have to repay on the day of your next paycheck. A 3 Month Payday Loan differs from a traditional one in that you do not have to pay it back in exactly one month as it has a longer repayment period. You will repay the loan debt within three months in equal installments. Since the loan is unsecured, you do not need to provide collateral to be approved and receive money.
HOW DOES A 3 MONTH PAYDAY LOAN WORK?
If this is your first time with Payday Loans, you should understand how it works before applying. The process is quite simple, you fill in the application and wait for a response from the lender. You can fill out the form both online and offline. If your application is approved, he will contact you directly to discuss the terms of the loan and its repayment. You can also ask the lender all your questions. After signing the contract, the money will be transferred to your bank account within the next business day. If you applied offline, you will be able to receive a cash payment.
HOW MUCH MONEY CAN YOU GET?
Generally, the loan amount may differ from state to state. However, most 3 Month Payday Loan lenders offer loans ranging from $ 500 to $ 5000. If you need more than $ 5,000, you can find a payday loan lender who will offer you loans up to $ 10,000. You can discuss all questions on the loan with the lender directly before signing the contract.
IS IT POSSIBLE TO GET A 3 MONTH PAYDAY LOAN WITH BAD CREDIT?
Typically, many potential borrowers are concerned that they might not get a loan due to bad credit history. As a rule, traditional lenders may reject your application if your credit history doesn’t meet the requirements.
However, if you are applying for a 3 Month Payday Loan, you do not need to have an impressive credit rating. Anyone can find themselves in a difficult financial situation, even if their credit score is not a role model. Most often, the request is processed very quickly and you will be assisted throughout the process. Thus, even if you have a poor credit rating, you can get a payday loan, however, you will have to pay a higher interest on the loan than a borrower with good credit. However, you can compare offers from different lenders and find a loan with the most favorable interest rate on the loan.
WHAT ARE THE REQUIREMENTS TO GET A 3 MONTH PAYDAY LOAN?
Although payday loans are known for their easy application, you still need to meet certain lender requirements in order to get a loan. Explore the main ones:
- You must be at least 18 years old
- You must be a citizen of US or an official resident
- You must have a source of income
- You must provide proof of income
- You must have an active bank account
- You must have a government-issued ID
- You must live in a state where 3 Month Payday Loans are available.
WHAT ARE THE ADVANTAGES OF A 3 MONTH PAYDAY LOAN?
Before applying for any loan, you should check if it meets your expectations. So, review the main advantages and disadvantages of a 3 Month Payday Loan and make sure it suits your requirements.
- Online application. You can forget about long waiting in lines, as a convenient online application allows you to receive money while sitting at home on your own sofa. All you need is to go to the site, fill out the form and provide some information about yourself. After that, it is worth double-checking the information, since if it is incorrect you will be disqualified. After submitting the form, the lender will review your application and contact you.
- Bad credit. A 3 Month Payday Loan is a great opportunity for those whose applications for a loan have been rejected by traditional lenders. With a 3 Month Payday Loan, you can be sure of approval. This way, you will have the money to solve all your financial problems.
- Approval speed. The lender approves the application for a 3 Month Payday Loan on the same day you submit the form. Thus, you can receive payment the next day after approval. If you have an emergency and you urgently need money, then 3 Month Payday Loan is the best option is for you.
WHAT ARE THE DISADVANTAGES OF A 3 MONTH PAYDAY LOAN?
- High annual interest rate. Since this loan is unsecured, you do not need to provide collateral in order to be approved. However, if a lender approves a borrower with bad credit without collateral, he must be sure that borrower will pay the loan on time. Еhus, the high interest rate is a kind of guarantee for the lender.
- Short terms of payment. Although you have 3 months to pay off the loan, some people think that this is not enough and cannot find the necessary money to pay it off. In this case, you better find an installment loan so that you can repay it.