Payday loans have established themselves in UK market rapidly and still
millions of people are choosing this alternative to fulfill their short-term
demands. As the name suggests, payday loans are loans that have to be
reimbursed on receipt of next paycheck. However, some people are not in the
position of repaying the loan amount in prescribed period. They may face the
problem of low salary base or have needs of large amount. To overcome this
problem, payday loan lenders have introduced a new category of loans namely
3-month payday loans. As the name itself clarifies, 3-month payday loans are
loans that include repayment period of 15 days to 3 months. These loans provide
quick fiscal assistance to borrowers who are in urgent need of cash.
3 Month Payday Loan lenders do not restrict borrower to utilize the sum offered
in some particular fields. Borrowers can use the loan amount to satisfy urgent
needs like paying off medical bills, grocery bills, repairs of car, renovations
of home, tuition fees of children etc.
Like payday loans, are also
short term fiscal aid and do not require any collateral. The only difference is
that the repayment period in payday loans is 14 to 31 days and 3-month payday
loans have the limit of 3 months for its repayment. To submit application for
loan, borrower has to meet some predetermined criteria. A permanent resident of
UK having crossed the age of 18 years, having a saving account and a monthly
salary of £1000 in a well-known business institution meets all the conditions
specified by UK government. Therefore, such borrowers can enjoy the advantages
of these loans.
An amount ranging from a minimum value of £100 to a maximum value of £1000 is easily
available to the borrowers of 3-month payday loans. The repayment as have been
already mentioned is 15 days to 3 months, so the borrowers can enjoy benefits
of this scheme for over a period of 3 months. Due to its unsecured and
short-term nature, comparatively higher rate of interest is charged from the
borrowers. If borrower tends to extend repayment period, additional charges are
To acquire these loans, a suitable selection of lender and online filling of
form is done. After submitting the form for its verification, borrower is
entitled to the amount of loan. Bad credit holders can also obtain these loans.
Bankruptcy, country court judgment, individual voluntary agreement, arrears do
not demonstrate their effect on attainment of these loans. Hence, 3-month
payday loans are becoming a fascinating selection for those demanding money to
meet their short-term urgencies.
Adria Marsh is author of 3 Month Loans. For more information about ,