Why Is A 3-Month Loan Preferred?
When you’re in a financial crisis and need to borrow a small amount of money, 3-month loans always make much more sense for many people. It is usually preferred because some don’t like to borrow money from friends or family, and look for loans with low interest rates, and this is exactly what a 3-month loan offers. You will be able to repay the loan in only 3 payments, the last of which would usually be the biggest amount. It is beneficial for many to acquire an emergency loan that one can pay back in only 3 months.
Is A 3-Month Loan Better Than Payday Loans?
A payday loan would dig into your monthly salary leaving you little to go by with for the period of the loan. And this is where a 3-month loan is considered to be better, as you’ll be able to repay the loan over a period of only 3 months.
Who Can Apply For A 3-Month Loan?
Anyone who is a working adult, at least 18, is a resident of the UK and has a monthly salary and a bank account can apply for a 3-month loan. The lenders will only need to make sure that the salary you earn can cover the payments of the loan.
Are Credit Checks Necessary While Applying For A 3-Month Loan?
Every legitimate UK lender will need to do a credit check when you apply for a 3-month loan. This is necessary as it will help lenders give you the offer that would suit your specific financial situation. All of the lenders we deal with will want to make sure that you are able to afford paying back the 3-month loan, and this is why a credit check is required. A high credit score isn’t always required to get approval, but a credit check is mandatory to have a chance of getting approved on a 3-month loan.
How Can I Apply For A 3 Month Loan Online?
To apply for a 3-month loan, you need to fill out the form at PaydayLoansUK. And as your broker, we’ll send your request to lenders across the UK who will send you back offers. You can choose the most desirable offer and when you get the approval, you will receive funds.
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Representative Example: Rates from 43.1% APR to 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £1,200 borrowed for up to 75 days. Total amount repayable is: £1506. Interest charged is 0.34% per day, amounting to £306, annual interest rate of 124% (variable). Representative APR: 49.7% (variable).
When Can I Receive The Funds With A 3 Month Loan?
Applying online for a 3-month loan is a very simple and quick process. After choosing the offer that suits you from a lender and getting an approval on the loan, you can expect to receive funds by the next business day.
How Much Can I Borrow With A 3-Month Loan?
You can borrow up to 5000 pounds for a 3-month loan. The lenders will check your information and decide how much you can borrow and if you can afford paying it back on time.
What Other Options Do I Have?
You can apply for short-term loans over 12 months or 6 months as more flexible options if you think that repaying the loan over 3 months is cumbersome for you.
How Is A 3-Month Loan Different From A Personal Loan?
While a personal loan has flexibility in the period of repayment, it has a higher interest rate than a 3-month loan.
Do I Need Collateral To Get A 3 Month Loan?
A 3-month loan is an unsecured loan and this is why applying for a 3-month loan does not need security and doesn’t require you to have a collateral.
Can I Get Approved For The Loan With A Bad Credit?
Anyone can end up with a bad credit, and you can get approved for a 3-month loan even with low credit, as long as you can afford the payments.