3-Month Payday Loans

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Payday loans can be the only available solution in cash flow emergencies, especially for those of us with bad credit. When times are tough, bills don't stop and unexpected expenses tend to pop out of the blue when we can afford them least.

Generally speaking, payday loans are designed for you to pay back in full, with interest on your next payday. Unfortunately, that doesn't leave a lot of room for flexibility. Having a little breathing space would be better. Otherwise, your next paycheque will be spent as soon as it's arrived. Another unexpected expense could force you to look for yet another payday loan which is a cycle that many people find themselves in. If you have access to three-month payday loans instead, it would be much easier to budget and break the cycle. Thankfully, you can now find 3-month payday loans that will help you do exactly that.

What Are Payday Loans?

Payday loans are short-term loans for small amounts of credit. The idea is that when taken out, you will pay back the loan amount with interest the net time you get paid. Payday loans lend themselves well to people with bad credit and who struggle to access other forms of finance due to their credit score.

Payday loans are traditionally designed to be repaid in full on your next payday. They are a way to get emergency cash to cover you until your next pay, which seems simple enough...

The thing is, that sometimes, your next paycheque might not be enough to pay the lender back as well as all of your bills. What happens if another unexpected payment crops up shortly afterward? You really don't want to have to take out another payday loan just to pay off the last payday loan. Getting into a situation when you rely on the use of payday loans regularly is really not advisable. Not only does it cost you a great deal more over time, but it can also negatively impact your credit history. Repeated use of payday loans can also stop you from getting other forms of credit in the future, which would be a nightmare!

That's where 3-month payday loans come in. Taking out a 3-month payday loan means that you can spread the cost of the loan over 3 months. Taking out a 3-month loan leaves a lot more breathing space for you to manage your short term finances

So, What Exactly Are 3 Month Payday Loans?

As the name suggests, 3-month loans are short-term, installment loans that you repay over three months. There is no exact definition for this kind of loan. They could be considered 3-month payday loans installment loans, to be paid off in 3 months. As we have already discussed, traditional payday loans are to be paid in one month or less. These days you can find a lender who will offer you more flexibility in the repayment terms. The loans themselves are still for fairly small amounts of credit. Think hundreds of pounds, not thousands. A 3-month payday loan should be treated as you would a payday loan. It should help you out in an emergency cash flow situation. Just because 3-month payday loans allow spread the cost over a longer period of time does not mean they should be taken out lightly. They are still cash advances that will cost you more money in the long term due to paying the lender interest and other applicable fees.

3-month payday loans are increasing popularity rapidly with the rise in online direct lenders. It seems like every day another lender launched online and the loan products they offer are becoming more varied. As a result of this, there are now loads of 3-month loans available on the market.

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Which Lender Should You Choose?

These days there are hundreds, if not thousands of direct lenders offering you a loan online. So how do you choose the best lender for you? Where would you even begin!

Let Loanza Help You!

We will search and compare the market for your best daily pay loan options. We carry out what's known as a soft check, so not only will we save you time on research, we will help protect your credit score. We proudly work with all of the best direct lending companies in the USA and we can help maximize your chances of getting the payday day loan you need whether it's one month or 3 months. We work with loan companies who are known to have high approval, acceptance rates to borrow with a bad credit history making sure the loan you get is the best you can in your circumstances!

Remember to read the fine print before signing up for any loan offer!

What Are The Pros of A 3 Month Loan?

As we have already touched upon, three-month loans can be taken out to help you in a cash flow emergency. Like a regular payday loan, a three-month payday loan they can help you cover an unexpected emergency expense. Here are the three key benefits of a 3-month loan:

  • Spreading the cost of 3 months as an installment loan gives you extra time to repay the amount. Even if you take out an installment loan for the same amount, spreading the cost over three months can help you manage your finance better and give you breathing space to repay.
  • If you do need emergency cash and have no alternative, payday loans can save the day and are often available based on affordability, meaning you can still be considered for the loan with a poor credit score.
  • 3-month loans may actually work out cheaper long term in some cases. Even if you borrow the same amount as you would with a regular payday loan, sometimes the interest rate will end up being less overall.
  • 3-month loans can be a nice middle ground between a payday loan and a long term loan. The increasing availability of 3 months loans means that you can get more time to repay the debts but don't have to commit to a long term loan.

What Are The Cons of Taking Out A 3 Month Loan?

The negatives of three-month loans are typically the same as any type of payday loan...

  • Taking out a payday loan, or short term loan of any kind can come with higher interest rates and fees associated. Taking out a loan is always more expensive than using your own money.
  • It can be difficult to budget your repayments, especially if you were strapped for cash, to begin with, you now have an extra payment every month until the amount and interest are paid back.
  • Repeated use of short term loans can impact your future borrowing ability for larger amounts like mortgages.

Looking for a 3 Month Payday Loan?

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Is It Safe to Take Out A 3 Month Payday Loan?

The payday loan has a poor reputation due to their higher rates of interest. A lender giving credit to someone with a bad credit score can be viewed as irresponsible. Thankfully nowadays the payday loan market is more tightly regulated. While it is true that higher interest rates and fees may apply, this is how the lender protects their own interests and ensures loans are repaid in time. A payday loan used responsibility can help you manage your finances back on track and manage emergency costs.

What Are My Other Options?

The loan market is booming, there are plenty of alternatives to 3-month payday loans available...

  • You may qualify for other, more traditional forms of finance. It might be worth exploring whether your bank can offer you an overdraft or credit card before you apply to a direct lender.
  • Direct lenders offer varied loan products and you could consider taking out a longer-term, installment loan for 6-18 months
  • If you are confident you could repay the loan on your next payday you may wish to take out a traditional payday loan and repay the amount as soon as possible.

 

If you are still considering your options then let Loanza help you explore the loans available to you within a few easy minutes!

How Do I Apply Online?

To apply online with a loan through Loanza you simply enter a few details in our two minutes application. Loanza then quickly searches through our trusted lenders and loans to find the best option for you. You will then be redirected to the lender's website to complete their online application. The loans online application process does vary as each direct lender will have its own specific loan application. Please make sure that you review the fine print and detail and make sure that you are happy with the terms before signing. They will also be the ones confirming how quickly you get your cash so check that too!

How Much Does It Cost?

Nothing, Lanza's service is 100% free to use. Be wary if you choose to be a broker as many of them do charge an extra fee on top!

We are simply a service provider connecting those who need a loan to the best loans on the market!

Please Remember . . .

Payday loans are designed for emergencies such as;

  • Unexpected repairs or emergencies
  • Paying off medical bills
  • Unavoidable financial needs

We recommend against the use of short-term or payday loans to finance luxury items.

Looking for 3 Month Payday Loans?

We can connect you to a lender in minutes, even if you have bad credit.

Apply Now