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3-month Payday Loans Online

15 Sep
3-month Payday Loans Online

If you ever found yourself in financial trouble or had an emergency, you must have tried to get a payday loan. If approved, the lender perhaps offered you a relatively short repayment period. In most cases, this period lasts a few weeks. 

However, sometimes borrowers feel that 30 days is not enough to pay the debt back. That is why online lenders may also offer longer repayment terms that can reach even up to 90 days. 

A 3-month payday loan is an excellent option to consider if you require cash urgently but do not qualify for a traditional bank loan. This option is for borrowers with less-than-perfect credit who cannot put anything as collateral to secure the money but need cash to meet their immediate needs.   

What is the Process for Obtaining a 3-month Payday Loan

3-month payday loans work like traditional payday loans. The only difference is the repayment period. If you want to obtain one, you should fill out an online request form, share some personal data, and submit the form. Online lenders will review your claim as soon as possible and will either approve or decline it. If approved, you will get the sum directly into your bank account.

Apparently, 3-month payday loan lenders provide 90 days to make repayments plus interest rates. The maximum and minimum amount that borrowers can obtain varies by lender.

Fortunately, it is possible to get a 3-month payday loan with bad credit scores, but it can be challenging to find a suitable offer with an affordable interest rate and fees. Thus, if your application gets rejected because of bad credit, consider other options like improving your credit score or taking a secured loan.

What Info the Borrowers Should Provide to Fill out an Online Request Form

According to the government's Consumer Financial Protection Bureau (CFPB), the customers should share the following data to qualify for 3-month payday loans:

  1. Date of birth. The applicants should be at least 18 years of age to have the right to request a payday loan.
  2. Home address. Payday loans are only available to those who are US citizens and live there permanently.
  3. Social security number and government-issued ID. With this info, the borrower proves that he is a legal resident of the States.
  4. Contact information, including a phone number and an email address. Lenders send notifications and some details via emails or contact the borrower by phone to give more thorough knowledge about the loan terms.
  5. Active checking account number. This is very important, as the money is transferred into a valid bank account provided by the borrower.
  6. Income source. Payday loans are unsecured money; thus, the lenders do not require collateral. But, at the same time, they require the client to have a steady income source to guarantee that he can repay the debt. 

3-month Payday Loans May be More Beneficial

3-month payday loans work more effectively than traditional payday loans. Their only difference is the loan terms. With 3-month payday loans, you do not have to repay the entire amount on the next pay date and have three months of flexibility, to repay the debt in installments with interest rates. As a result, you will have sufficient time to plan your monthly budget for the next three months. So these loans are less stressful on the client’s salary and prove advantageous.