3 Month Loans

Eligibility Criteria

1. The borrower must the resident of the country offering the loan. 
2. The borrower must have a bank account and a debit card.
3. The borrower must be of the age 18 years and above and must be working.
4. Different lenders have a different earning cut-off for the borrowers. Base on how much money the borrower is earning a certain loan amount will be sanctioned. The lenders will make sure that you can afford to pay back the loan amount in 3 months period.

3 Months Loan Benefits 

The benefits of 3 months loan are: 

1. You have a set limit of 3 months to repay the loan, which aids in better personal financial planning. This avoids extending the loan and incurring additional costs. 
2. Although the 3-month repayment period may be challenging, it encourages financial discipline.  
3. This type of loan typically has a lower interest rate compared to other short-term loans.  
4. The interest to be paid is clearly defined, helping you to manage other expenses during the loan period effectively. 

Why a 3 month loan is better than a Payday loan?

At certain times, there is no way you can avoid an expense it could arise from emergency or it could be unplanned and you don't have a rainy day that could cover the expenses arising out of such situations. If you do have to take a loan make sure you aren't falling prey to loan sharks and to the payday loans. Never take a loan just because you want to buy an item or upgrade your lifestyle. What you need is something worth not going in debt for.

The best option you have when you need money immediately is to borrow from family and friends as that way you are not sucked into the whole debt all your life and end up paying almost twice the amount you took as a loan. People close to you will understand the emergency. But taking a payday loan is not a viable option because:

1. Payday loans rely on you having a payroll and being employed. It is a short term unsecured loan. But not really worth the interest amount that you will be shelling out on the amount you borrowed. The lender is actually taking advantage of the vulnerable people. It is a difficult mess to get out of. You have to make the repayment and you won't be allowed to take another loan to cover the repayment of the payday loan. The lenders prey and capitalize on the financially poor people.
2. But a 3 month loan will give you 3 months period to pay off the loan
3. There are plenty other options available to you apart from taking a payday loan. They might not further put you in the financial distress. The payday loans on the other hand are designed to keep you in a constant state of debt.
4. 3 months loan are cleared within a period of 3 months.
5. Payday loans are for a span till you get the next pay check. But most people's pay check are just about enough to make all the payments and for the necessary expenses and the little money that will be left will go into their savings. When there is a debt to be repaid, it causes a huge dent in that budget, you might end up compromising. And hence at times, people end up taking another payday loan and the vicious circle keeps repeating itself. And you find yourself in a loop.
6. 3 months loan is cleared in the span of 3 months and hence you are not stuck in debt for a long period.
7. It is very tempting to take a payday loan as you get a loan for a small amount and you think you will be able to pay it back when the next paycheck comes in. but, what you don't take into consideration is that you will be compromising on a certain budget of that particular month.
8. When you take a 3 month loan, you will get ample time to plan out your budget and will not be in a financial distress.
9. Some lenders will not even clearly lay out the interest that you will have to pay for the amount they are loaning you. You usually end up paying almost twice the amount. This will cause a huge dent in the financial budgeting of the next month.
10. When you take a 3 months loan, you pay back the amount in 3 instalments and you won't be required to pay one lump sum.
11. The lenders will also not take into consideration if you have the means to repay the loan and most of the times, the borrower might not be so financially stable and may end up making more debts than he can repay.
12. When sanctioning a 3 month loan, the lenders take into consideration if you can pay back the amount and sanction an amount that you can comfortably return without having to compromise on your other required expenses.

Accruing more debt is not what you would want by the end of the day. You will financially stress yourself out and this might affect the way you live and your health.

Advantages of 3 month loans

When you are taking a 3 month loan. You have about three months to repay the loan. And that is about enough time for you to save the amount and repay the loan.

1. The loan period doesn't have to extend and the loan amount is decided by the lender after they have taken into consideration if the borrower has the capability to repay the loan in the 3 months period provided to him. So, 3 months loans are better than the payday loan.
2. A 3 month period will give you ample time to properly budget your finances and save for the loan. You can pay back the loan amount in three instalments thus not burdening you to pay the loan back in a lump sum as you have to with the payday loans.

It is better to live like a miser and pay off the loan immediately than continuing to live off on the money you don't really have.

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