There are many types of fast personal loans available online that can be used to meet urgent needs. Most people have heard about payday loans which are easy to get and designed to be paid back when your pay check arrives. These are very short term loans that are borrowed for 2 to 4 weeks and the average loan amount is $500. With a huge increase in the number of payday loan borrowers, many lenders have introduced long term payday loans for up to 3 months so that you can borrow up to $1500 and have manageable monthly payments. In this example, you only need to pay back $500 for 3 months instead of a one time $1500 payment which may result having to take a second loan since there is nothing left from your paycheck thereafter.
Personal loans with 3 months to pay back is a good short term borrowing option for people who needed more time to cover a loan that is bigger than his or her monthly pay check. However, that also means you are borrowing a larger amount compared to normal payday loans and at the high interest rates charged, this can be considerable risk if you are not careful. Therefore, it is recommended that you work out your payment schedule to make sure things will pan out the way you expected before you apply for instant cash advance for 3 months.
Perhaps, the only reason to use such as 3 month payday loans is you can bypass a credit check and get the money fast within the same day. That means someone with bad credit ratings can still take such loans for urgent needs. If you ask around, you may find friends and colleagues who have used such guaranteed approval payday loans for emergencies like car repairs, medical bills, rent etc. Most lenders are willing to lend up to $1500 for 3 months with no collateral required. The majority of borrowers are tenants and students, although some cash strapped homeowners may also borrow a small amount of unsecured personal loan when they do not want to take out a loan against their home equity.
Requirements For Online Payday Loans
Although there is no credit check, lenders require that you have a minimum monthly income of $1000 for the past 3 months in order to qualify. The other requirements for online payday loans apply, such as above 18 years of age, a US citizen and a checking account in good standing.
You can set up an automatic payment plan so that the lender will debit the agreed upon monthly payment from your checking account after your pay check has been deposited. This is a hassle free way of paying your loan obligations and avoid late penalties. However, it only works if you do have the money in your checking account. Meanwhile, you should not have any difficulties in meeting daily expenses with your remaining money. Otherwise, you may end up taking another cash advance and this is a sure sign of debt ruin. A better option is to arrange for a long term signature loan from banks so that you have more time to pay back and not unnecessarily stretch your limited pay check thinly.
To find these 3 month payday loans for bad credit, you just need to apply online with your personal information and checking account number. The processing is very fast and you will be informed whether the loan is accepted within an hour. The money will be direct deposit into your checking account within 24 hours. Legit and real moneylenders online do not charge upfront application fees to review your loan. If a lender promise to give you a $1500 no credit check payday loan for 3 months but require an upfront payment, it is probably a scam.
Illegal Payday Loan Companies Online
Do note that there are many illegal payday loan companies online that are not based in the United States. You can check your local state’s website for a list of authorized loan companies that can offer 90 day payday loans. Many borrowers are not aware that their lenders are actually not legally authorized to do business in a particular state since all the transactions are done online.
The truth is most states have their own laws and regulations to protect consumers from high risk payday loans. Be aware of the dangers of fast debt accumulation if you use payday loans. A safer approach is to borrow from your friends and family. They will not harass you at work to repay the loan, although you should do it as soon as possible once you have the money.