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Everything you need to know about three-month payday loans

3-month personal loans are an excellent possibility to cure your failing financial situation. Whether you need to repair a broken car or pay an unexpected medical bill, you can do it all. Learn the essential information to apply for a 90-day loan and get the best rates and loan terms.

How does a 3-month personal loan work?

Whenever you apply for a three-month personal loan with a bank, lender, or an online company, you are obliged to repay the loan in 90 days. In this time frame, you will have three almost equal repayments that are close in time to your payday but will not obligatorily be exactly on this date. However, note that the last payment is generally slightly higher than the first two since the final charges and loan fees are generally added to the last repayment amount.

In case you fail to repay the whole 90-day personal loan on a set date, you will likely get a note in your credit history, additional charges, and even interest rate change. Keep in mind, however, that some lenders allow flexible repayment schedule and would not charge extra for late payments. 

How much do 90-day payday loans cost?

12-week personal loans still fall under the category of short term loans, so the interest rate for such options is higher. Lenders require these high interests because there is no installment on three-month loans; these are unsecured options. Besides the interest rate, borrowers are also a subject to processing fees and additional charges that are individually calculated by the lender. Generally, the interest for short term loans is higher than for installment loans and equals 20% – 1,500% of the total amount borrowed. The interest is individually calculated based on your credit score, FICO number you select, your salary, and previous financial health.

What do you need to look for when comparing three-month loans?

Here are the top criteria that would allow you to select the best 30-month payday loan:

  • State available. Before you begin searching for the options, ensure that 90-day personal loans are legal in your state.
  • Cost. The cost depends a lot on the way lenders set their charges: some would require some fixed fee for every, let’s say, $100 borrowed while others would use the classical interest-rate scheme. Inquire about the fees and consider the total amount of money you will need to return.
  • Application criteria. Some lenders may have more relaxed acceptance criteria or offer repayment flexibility in case your paychecks do not come on schedule. Check these criteria and select a lender who accepts your credit score and still offers fair interest and fees.
  • Processing time. As a rule, you will receive money the next day after getting approval for your three-month personal loan. However, some lenders may require 2-3 business days to make a transfer while others can do it the same business day. While this should not be the most decisive criteria on your list, pay attention to this fact as well.

How do I compare my 90-day loan options?

To compare the available twelve-week personal loan options, visit several in-store lenders, check several online lenders and learn as much as you can about their application, acceptance, and money transferring process. Write down all this data in a table to compare your options more efficiently. It is also highly advised to check eligibility and trustworthiness of the chosen lender by at least reading online reviews.

What are the benefits of a 12-week personal loan?

Quick approval and short transfer time are among the most important benefits of 90-day personal loans. As a rule, the decision is made on the spot by the lender (whether in-store or online) and after the loan is approved you get the money within 24 hours, rarely within 2-3 business days.

Low lenders’ acceptance criteria are also a great advantage for borrowers, especially those with a bad credit score. While some lenders do check your FICO score, most will only care about your current steady job and regular income.

And another great benefit of twelve-week loans is the variety of options in the market. If you have time, you can visit several in-store locations and consult regarding the best loan period as well as a possible loan amount. However, if you have no time for it, you can click a couple of buttons, upload your documents, and get the money next morning without leaving your house.

Finally, with ninety-day short term loans, you do not need to justify to the lender why you are applying for a loan. Whether you need to fix a washing machine or organize a birthday party for a child, the lender does not care. These are your financial status and repayment ability that matter.

Am I eligible for a ninety-day payday loan?

The general eligibility criteria for 12-week personal loans are defined below. However, one needs to always remember that not all states in the country allow short-term payday loans. For instance, Arizona prohibits payday loans completely, Colorado heavily regulates such loans, and in Utah, you will have no problem getting the money. Always check with the local regulations in your state, county, and even city to ensure that you follow the rules in this respect.

How can I find the right twelve-week short-term loan for me?

Three-month payday loans are short term loans that have high interest and pretty often strict repayment schedule. This means that the right 12-week personal loan is the one you can afford and repay without harming your personal budget. Carefully review your offers and consider your monthly income before applying for a payday loan of any period.

How do I apply for a three-month payday loan?

There are basic requirements for all short term loan borrowers:

  • Age: 18 and higher
  • Citizenship: US or at least permanent residency
  • State residency: you must live in an eligible state and be a resident of the state where you apply for a 3-month payday loan
  • Checking account: is highly welcomed yet not obligatory
  • Income source: steady (you have been employed for at least three months at a current workplace)
  • Note: the particular requirements regarding your FICO score or income amount are not regulated and significantly depend on the selected lender and state of living. Keep in mind that in some states payday loans are prohibited by law while payday bad credit loans New Yor City, for instance, are absolutely legal.

With this essential information, you will be able to efficiently apply for a ninety-day personal loan and ensure that you get the best terms from the lender. Please remember to ensure that you are able to repay the borrowed within the timeframe stated in the papers. In case you feel that 3 months is not enough, you can also consider a 2-month personal loan or shorten the repayments to one-month loan option.

Explore other loan terms:
1 month loan
2 month loan
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