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3 month payday loans

3 month payday loans are small-dollar loans repaid in 3 equal monthly installments. They are short-term forms of credit. Generally, loans with a duration of 12 months or less are considered short.

Normal payday loans don’t have terms exceeding 35 days. Most have average loan terms are 14 days. That’s because they are repaid when the borrower receives their paycheck, with most pay cycles being biweekly or monthly.

Applying does NOT affect

your FICO® credit score!

You can borrow a hybrid installment-payday loan with longer repayment terms. We consider them as installment loans because the borrower remits a fixed payment after every two weeks or month. They are payday loans because they bear many characteristics with the latter option.

Similarities include:

  • Short term, offered for a few months versus personal loans with terms of up to 7 years or more.
  • Provided by payday lenders who now operate online, and dish out loans with few requirements. For instance, they don’t mandate a hard credit check. There will be no need to hold an interview with the lender or attend an in-person meeting.
  • The lender expects to be repaid as per a predetermined schedule. On the repayment dates, the loan company will automatically try to withdraw the installment amount from the borrower’s bank. Autopayments ensure they have their money first before you use the cash for other bills.

Next, let’s learn how 3 month payday loans work, how to borrow them, and more.

Can I get 3 month payday loans?

You might be asking this question if you have bad credit or low income. Traditionally, lenders focus on these two basic requirements when approving your loan application. Suppose you have a score of 620 and below or an income of $1000 or less. Will these halt your progress?

Probably not and that is because 6 month payday loans or 12 month payday loans are not tied to your creditworthiness. The loan company is just concerned with your capacity to repay, which is based on your income amount.

For instance, if you earn $750 per month, and the installment loan requires payments of $100, you might easily qualify for this payday loan.

What is the best payday loan?

The best payday loan is one that has the most favorable terms. For instance, it should be affordable and reliable. Now, the average rate for a normal payday loan is 400%. Therefore, landing a lower APR for your monthly payday loan makes that loan the best.

Speed is also a major consideration when it comes to the best payday loans. Since you’ll be taking them out in emergencies, the best payday loan is one that can give you the funds you need by the next business day or even on the same day.

Applying does NOT affect

your FICO® credit score!

You might run into challenges repaying your 3 month payday loan. This is perfectly reasonable, and the loan company that you choose should work with you to create a repayment plan or stop charging interest. Now, some companies will ask you to rollover your loan, charge late fees, and even promptly hand over your loan to a collections agency. As you explore your options, find out the company’s policy on late payments and defaults.

The best cash advance loan also meets your funding needs. Some customers have bank accounts and are perfectly okay with receiving their funds through a direct deposit. It is quite possible that you may be lacking a bank account. Innovative payday lenders have realized that not every customer will have a bank account, and therefore, they offer funding through prepaid cards or in-store cash pick up.

Finally, the best payday loan is downright convenient. That is you’re approved in the shortest time without being asked to submit multiple documents. The support team is reachable to answer your questions. If despite having bad credit, the lender gives you good rates, that also signifies that the 3 month payday cash advance is the best around.

Personal Loans vs. 3 Months to 12 Months Payday Loans

Traditional personal loans from banks or credit unions, typically have the following features:

Loan term Loan amount Interest rates Installments
12months to 60 months. Some have longer terms of up to 15 years. $1500 to $50,000 5.99 to 35.99% Equal biweekly or monthly installments

Traditional loans are not for everyone! You’ll need to have high creditworthiness. Plus, approval and funding take a long time, including the extensive credit check, typically taking up to 7 business days.

3-month payday loans are suitable if you need a small lump sum, faster loan process, and less-stringent loan requirements. Here is a summary of the loan’s features:

Loan term Loan amount Interest rates Installments Main requirements
3 to 24 months $500 to $5000 Mostly triple-digit similar to those of payday loans Biweekly or monthly equal payments Stable income & active checking account

Repay over 3 months, 6 months, or 12 months

It makes sense to borrow 6-month or 12-month loans so you can avoid being in debt for a long time. These loans will help you get back on your feet. Splitting the repayments over several months makes them more affordable.

Now, there is one main disadvantage of these loans. They have high-interest rates. For loans with triple-digit APRs, you might even end up paying more in interest than the initial principal.

For instance, if you take out a $1000 loan at an APR of 180% for 12 months, the total interest paid back is $1214, and the total payment amount is $2214. The interest amount is more than what was borrowed.

Bad credit lenders don’t impose prepayment penalties. That means that you can pay off the loan ahead of schedule and prevent more interest from accruing.

Who is eligible for a 3-month payday loan?

This loan product is typically targeted at borrowers with “less-than-perfect” credit scores. Having poor credit causes traditional lenders or credit companies to view you as a credit risk. That means they will restrict your loan options because your credit history indicates that you might be at a higher risk of default. Most of these companies seek customers with good credit because even though they might default, they are at a lower risk of doing it.

Applying does NOT affect

your FICO® credit score!

On the other side of the coin, you’re going to get approved for your 3-month installment loan even if you have poor, bad, or no credit. Other requirements observed include:

  • Income amount & source: Alternative lenders offering 3-month, 6-month, or 12-month loans require a minimum monthly income of $750 after deductions, which is lower than what banks require. Online loan companies can offer cash loans to people deriving income from part-time work, government benefits programs, annuities, retirement benefits, etc. Banks prefer people working full-time jobs.
  • Citizenship status: U.S. Citizen or permanent resident. You need a government-issued ID and social security number before applying.
  • Age: Just meet the age of majority in your state. For most, it’s 18 years and varies in places like Nebraska where the age of majority is 19 years.
  • Supply banking account details: Lenders need your bank account details such as your routing number to deposit the funds. Most also ask borrowers to authorize automatic debit payments. On the loan’s due dates, the lender will simply withdraw the funds ensuring you’re never late nor fined late fees.
  • Ways to contact you: You’ll need a working phone number and email address. The lender gets in touch by sending an email or the loan’s rep may call you to discuss the particulars.
  • Documentation: How does the lender know that the details you provided in your loan application form are true? Well, you’ll need to supply some documents For instance, it’s common to receive
  • requests for recent pay stubs, bank account statements, utility bills, W2 tax forms, etc. There are “no fax lenders” who will approve your loan without asking for any documents to be sent.

Can I get a 3 month loan with no credit or a bad credit score?

Bad credit will not hinder you from obtaining small-dollar, short-term loans. What if I have collections, judgments, or bankruptcy filings in my credit record? Well, as long as you can repay the loan, the lender will approve your application.

Customers with no credit are not disqualified from loans, either. If you have no credit, it just means that you don’t have enough credit history for your scores to be generated. Taking out installment loans or applying for a credit builder credit card are good ways to establish a credit history.

Loans you can pay back monthly

Searching for loans you can pay back monthly? One thing to note is that most alternative lenders will schedule loan repayments to coincide with your paydays. Therefore, if your pay frequency is once every two weeks, you might have two payments each month. If you receive your paycheck every month, you’ll pay back the loan in monthly installments. Some lenders may allow you to schedule the payments once every month if it’s particularly important to you.

Find the best loans at Realistic Loans

Start your search for 3 to 12 months right here (without necessarily leaving this website). We don’t offer loans directly but work with lenders offering products that might interest you. Get matched to loans based on your location and required loan amount.

Applying does NOT affect

your FICO® credit score!

Do you have any further questions?