Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Fast funding
- Long repayment terms
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Three-month short-term loans can be an attractive option when you need money fast and can’t qualify for a personal loan. They’re more manageable than your traditional payday loan, which you have to pay back in full with your next pay check. However, a longer term makes your loan more expensive — especially since these rates often hit the triple digits. It can also be difficult to find a lender that offers installment loans with such a short term.
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Three month payday loans work like any kind of installment loan: You borrow money upfront and pay it back plus interest and fees over three months. Typically they range from around $500 to $5,000, though some three-month short-term loan providers offer loans as large as $10,000.
Many three-month short-term loan providers have online and in-store applications. If you apply in-store, you could get your funds during your visit. With online applications, you can often get your funds in as little as the next business day.
Short-term loans are expensive and three-month payday loans are generally no exception. Many installment loans come with APRs that can get as high as 400%. However, some states like California have restrictions on how much your lender can charge on loans under $5,000 so costs often vary by state. In fact, some lenders might not offer installment loans with three month terms due to state regulations.
However, it is possible to get a three-month short-term loan with reasonable rates. For example, online connection service CashUSA works with providers that offer loans with terms that run from with rates ranging from –.
Different lenders have different requirements — and it can sometimes vary by state. However, lenders typically require borrowers to:
Ask yourself the when comparing short-term lenders to make sure it’s a right fit:
You can usually apply for an 3-month payday loan online or in the store, depending on your lender. If you apply online, make sure that your lender is licensed to offer that type of financing in your state. Many lenders display their licenses on the rates and terms page for states that require it.
Filling out the application typically only takes a few minutes, as does approval. Most lenders ask for the following documents and information:
Once you get your funds, you’re on the hook for repayments. Some loans come with monthly repayments while others might come with bimonthly, weekly and even biweekly repayments. Since there’s more than one payment, three-month short-term loans don’t always face the same legal restrictions that you might find with payday loans due within 30 days.
Most lenders allow you to sign up for automatic repayments from your bank account. However, others might accept manual repayments online, in-person repayments at a physical location or wire transfers. You might want to check out our guide to getting a loan without a bank account if you don’t have a checking or savings account — they can be hard to find.
Getting a short-term loan that you can repay in three months can give you enough time to streamline your finances. But taking on a high-rate loan with a longer term can sometimes be more expensive than your traditional payday loan. You can learn more about your short-term loan options by visiting our payday loans guide.
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