Getting 3-Month Payday Loans Online
Payday loans are typically due on the borrower’s next pay date. Since lenders require the borrower to have a steady income, the loan term ends up being around a couple of weeks at most. However, there are similar options out there that feature longer loan terms.
Whenever you find yourself in a fiscal corner and choose to apply for the traditional payday loan, the financier will typically provide you with a relatively short repayment period. In many cases, the period offered will be around a couple of weeks. This is the standard repayment period for this type of financial product.
If you feel that this time is not enough for you to clear the debt, you can always consider applying for a longer duration loan. As the name suggests, these are loans that provide the borrower with an extended repayment period. Lenders understand that financial conditions vary from one borrower to another.
They also know that the conditions may be a bit complicated. While you may not be able to find a product specifically referred to as a “three-month payday loan,” there are financial products out there with this kind of a loan term. Of course, the borrower may opt to clear the debt much earlier.
Benefits and Fees Involved
One benefit that comes with having this type of loan is that you may have the option of negotiating with the lender. The negotiations will help you know whether it is possible to get a rollover or even change the overall size of your payments.
Before you choose to apply for this kind of loan, it will be prudent to check whether any fees will be involved in the transaction. In many cases, the loan tends to attract a fee in addition to the interest. Therefore, make it a point to inquire about repayment flexibilities.
It is always best to have a good handle on solutions that may appear when you are in an unpredictable situation. Borrowers looking for instant approvals need to ask about the availability of such a possibility well beforehand.
Here are a few financial products that may fit the needs of those looking for a 3 month payday loan.
1. Installment Loans
Installment loans are a category of loans that often come with a set payment schedule. This means that each borrower is provided with a given number of repayment dates. In actuality, many of the loans enjoyed by most Americans today happen to be installments loans; e.g., auto loans and mortgages.
Note: Although credit cards often require the borrower to make certain monthly payments, they do not fall under the category of installment loans.
Comparing Payday Loans with Installment Loans
Payday loans generally have a much shorter duration than an installment loan. They also attract higher interest rates and must be repaid in the form of a lump sum payment. This is a payment that must be made on the next borrower’s payday. The installment loan can, on the other hand, can extend for many months with the payments spread out over its entire term.
2. Short-Term Loans
Short-term loans can be described as cash loans that are sometimes paid back in the form of installments. If you have recently found yourself in a sticky situation (e.g., your boiler is about to die, or your car is refusing to start), a short-term loan can help bail you out of such a situation.
Consumers have been known to borrow a short-term loan for the following reasons: if they overdraw, to sort them out until their next payday, or for emergency purposes.
How Do These Loans Work?
When you take out a short-term loan, you will sometimes be able to pay it back in installments. Many short-term loans are valid for a period of three months or more. You should note that if you choose to roll over the loan, you will end up paying more money.
Benefits of Applying for a 3-Month Payday Loans Online
If you are interested in covering a cash shortfall, you will notice that short-term loans do indeed have a number of interesting benefits. Additionally, they are also ideal for borrowers who are confident that they will be in a position to repay the loan when it is due. Advantages include:
- Flexible – you pay the loan in installments, which may make it more manageable
- Quick – fast payday loans are effectively quicker than some traditional bank loans
- Cash for the underbanked – those who have trouble obtaining bank funding may have a better chance with a short-term loan or can consider payday loans with no bank account required
How Does the Cash Advance Loan Work?
The process of borrowing a cash advance loan is very straightforward. You enter into an agreement with a lender to pay the loan back on your next pay date. On your next payday, you will be required to pay the lender back. Many lenders will automatically deduct what you owe (the money borrowed plus the applicable interest and fees) from your account on a specified due date.
If you are not able to pay the lender back on the agreed date, the amount may be rolled over. For the loan to be rolled over, you will need to pay another fee. The more you roll over the loan, the higher the amount becomes, which may eventually make it harder for you to go back to the initial amount. This is one risk that you ought to understand from the start.