3 Month Payday Loans: An Extension To Repayment Period!

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, 3 Month 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 applied.

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.

by: Adria Marsh

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