Do you want a short term loan that gives you a little longer to repay? There are 3 month short term loans available
Even if you have a regular income and a stable job, you might still find yourself in need of extra money because of a financial emergency or budget shortfall.
Short term loans, also known as payday loans, give you access to funds quickly, but you have to repay them by your next payday. If you don’t like this quick turnaround, there are loans with repayment schedules of 3 months, although not all short term lenders offer these.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
- Min. Loan Amount: $50
- Loan Term: Varies by state
- Turnaround Time: 1–2 business days
- Total Costs: Varies depending on the amount and your state of residency.
- Must be 18+
- No security needed
- Confidential and secure!
A selection of loans you can apply for
Here’s what you need to know about 3 month payday loans
How quickly you receive your short term loan depends on if you apply for it online or in-store. Many short term lenders provide instant 3 month short term loans when you apply in-store. When you apply on line, you will receive your loan by the next business day.
You will likely have to provide your bank account details in your application. Repayments are done in installments debited from your account automatically during 3 month period.
Here are some features of 3 month payday loans
Comparing 3 month short term loans before applying is always a good idea. Here are factors you should consider:
- Know the fees involved. Short term loans charge interest in the form of fees, usually for every $100 borrowed. It varies based on the amount you borrow and the regulations of your state.
- Are applications from people with bad credit accepted? Lenders who offer 3 month payday loans are more relaxed in their requirements and are willing to give you a chance even if you don’t have the best credit history.
- What kind of repayment flexibility is there? Most lenders require your repayments in the form of direct debits from a nominated checking or savings account. Some lenders allow you to repay the loan amount ahead of time without charging penalties.
- What is the processing time? Applying for a 3 month payday loan is a quick process. With in-store applications, you could receive your loan immediately after approval. If you apply online, your loan should be available the following business day.
Benefits and drawbacks of loans repaid in 3 months
- Approval is quick. If you’re applying for a 3 month short term loan at a store, you’ll get your approved funds as soon as you accept the loan’s contract. If you’re applying online, you’re likely to get your money transferred into your bank account the next business day.
- The opportunity to use money for different purposes. Once you get your money, there is no restriction on how you can spend it.
- Bad credit is OK. Being approved for a 3 month short term loan with bad credit is possible because most short term lenders don’t run credit checks with the three major credit bureaus. They often look for your ability to manage repayment.
- High APR. Payday loans are known to have a high APR, meaning you have to pay much more in fees and charges than you would with a traditional loan from a bank.
- Automatic payments. While lenders like to list debiting directly from your bank account as a positive, if you don’t have the money to pay back your loan, it could lead to overdrawing–that means more fees.
- Disreputable lenders. Although short term loans can be a good solution to financial emergencies, you should be on the lookout for lenders who don’t obey state law. Some states don’t allow payday loans, and those who do usually have regulations. Make sure your provider follows all the rules so you stay safe.
What should you consider before applying for a 3 month short term loan?
If you think you might have problems repaying the loan, it’s best you don’t borrow what you can’t afford. Not only will late or missed payments result in additional fees and charges, but they might also impact your credit.
Read the terms and conditions before you sign the loan contract. This limits the chance of being surprised by fees later on.
The bottom line
Getting a short term loan that you can repay in 3 months can give you enough time to streamline your finances, but make sure you compare your options before applying.
Frequently asked questions
Can anyone apply for 3 month short term loans?
To apply for such a loan you should be a US citizen or a permanent resident, meet state specific age requirements, have a regular source of income and have an active bank account in your name.
What is the maximum amount I can borrow?
The maximum loan amount for short term loans depends on the state you live in along with your ability to make repayments. In some states, you can borrow up to $1,000.
Can I repay my loan early?
Most providers allow you to repay your loan early without charging penalties, and by doing this you can save in the form of fees.
What type of loan are you looking for?