Facts About 3 Month Payday Loans
So far, we have read a lot about meeting emergency cash needs with short term loans and paying back that loan in two weeks or 4 weeks at maximum depending on the State Regulations. But did you ever think of getting instant cash that you can repay in small installments every month. Yes1 you have read it right. There are few loan agencies which offer 3 month online payday loans. The whole application process for these loans is online, simple and easy. There are many options from where you can arrange instant money like relatives, friends, pawn shops and credit cards but no option can beat the speedy availability of cash through payday loans.
How Can Finances be Solved Through 3 Month Loans ?
Undoubtedly, borrowing payday loans solve many monetary problems specially those which comes unexpectedly, but their repayment criteria is very difficult to be satisfied because the borrower is expected to payback the lump sum amount along with calculated interest rate charged in one payment and that too in two weeks when he received his next salary check. However, the 3 month payday loans fall under a category which you can back monthly. The repayment amount plus interest rate is divided into three equal manageable amounts.
The borrower will have a whole month to manage the expenses and keep the amount to be pay back the debt term designated for that particular month. Alongside, if the applicant wants he can also secure the loan with a collateral and can have larger amount than he thought. Moreover, these loans offer higher value of the collateral as compared to the pawn shops which makes them more beneficial.
How the Repayment is Scheduled in 3 Month Payday Loan ?
Even if you want to pay back the amount quickly if you have sufficient funds, then you can. You can also negotiate with the lender that how much can you repay every month. The rate differs according to the time and amount lend by the lender. For example: If you borrow $200 then you will repay $98 every month making the total of $297 in three months which includes principal amount as well as interest rate. You can check the details with the lender while finalizing the loan deal.
What is the Eligibility Criteria ?
To qualify for these loans, the eligibility criteria is same as that of basic payday loans which is as follows:
1. You must be 18 years of old and some lenders requires the minimum age to be 21 years.
2. You must present valid US citizenship documents.
3. You must have valid proof of permanent residence.
4. A proof of stable income flow is required to justify your repayment capability.
5. An active bank account is must to conduct electronic transactions.
6. You must share valid email id and phone number with the lender so that he can contact your for the verification process required for secure processing.
These loans best suit the people who are regular employees and receive their salary on monthly basis. Despite the reason where you want to spend the money you can gain access to immediate finds and fulfill your economic needs.
