3 month payday loans, or ’90 day loans,’ are designed to provide you with the short term finance you need, whilst spreading the repayments over a more manageable time. A 3 month payday loan can be a great way to tide yourself over in the short term, whilst you get your finances back on track. We provide 3 month loans of up to £2,500, which can, upon approval be in your account within an hour.
3 month payday loans are designed for times where you just need that little bit extra money for an unexpected bill or for an expense you are not able to cover for a month. The loan can be the answer, providing you with much-needed financial breathing space.
No guarantor is required and we can make an instant loan decision so you aren’t left waiting around. Our application process is easy and straightforward which means that you can apply for a loan from the comfort and privacy of your home. Apply online for a 3 month loan. We work with a variety of FCA Authorised lenders who can provide a quick decision and same day funding for your desired loan.
What are 3 Month Payday Loans?
We are all familiar with traditional payday loans online, which have been around for quite some time. Payday loans, often referred to ‘30 day loans’ were originally introduced to provide short term loans to people who then repaid the full amount plus interest on their ‘payday.’ In recent times however, more lenders have emerged offering payday loan alternative products, many of which are more flexible payday loans.
3 month payday loans work very much in the same way as traditional payday loans; the borrower acquires an amount of money to be repaid in full, plus interest by a predetermined date. However, the main difference is that rather than having around 30 days to repay within a single ‘payday period,’ the borrower has the much more flexible and manageable situation of having up to 90 days to repay the loan.
This means that as a form of instalment loan, rather than the old style payday loan type of arrangement, the repayments are much more manageable and therefore affordable for the borrower.
How do 3 Month Payday Loans Work?
There are a few key components to consider when it comes to payday and short term loans including 3 month payday loans:
Loan Amount (the ‘Capital’) – This is the ‘pure’ loan amount, i.e. the amount borrowed by the borrower from the lender before any charges or interest. For example, is someone takes out a loan of £1,000, the capital of the loan is £1,000.
Loan Interest – The loan interest is where lenders make their money and is the predominant ‘cost’ associated with short term or indeed longer term loans. The interest will usually be applied as a percentage of the loan capital in the form of an ‘interest rate’ which is a percentage of the loan capital applied on top as a charge.
Annual Percentage Rate (APR) – It is very common to hear the term ‘APR’ or ‘APR representative’ talked about. APR is the annual cost to the borrower over the course of a year for borrowing the money in question. The APR takes into account all factors and components of the loan including interest, any additional charges and broker fees if relevant.
Additional Loan Charges – Many lenders do not have any additional charges or costs for applying. However, some brokers will add a small fee on top of the repayment amount as this is their broker fee for arranging the loan. Payday Loans Hub however, do not charge these fees for any of our loans.
3 month payday loans work quite simply in that the borrower will acquire a loan from the lender over the agreed timeframe of 90 days. There will be a daily interest rate (which may not be higher than 0.8%) which will begin as soon as you receive the loan. Then, each month on an agreed day, the borrower will pay off a portion of the loan and the capital. By the end of the 3 month period, the entire loan should then be paid off.
What Are 3 Month Payday Loans Used For?
There is no specific use for a 3 month payday loan in the way there are specific uses for emergency loans or credit repair options. However, usually, 3 month payday loans will be used in much the same the way as a traditional payday or instalment loan. The nature of a 3 month loan is to help with the repayments, as opposed to changing the lending process. Common reasons for using these loans include:
- Unexpected bills and expenses
- Emergency travel
- Emergency medical bills
- Home improvement
- Debt consolidation
Who is Eligible for a 90 Day Payday Loan?
Everyone, including those with bad credit histories and County Court Judgements (CCJs) are eligible to apply for a 3 month loan online via our secure and straightforward application process. However, in order to improve your chances of acceptance, you should:
- Be a permanent UK resident with a permanent UK address
- Be in some form of employment
- Be over the age of 18
- Hold a UK bank account and debit card
- Have a valid email address and phone number
- Be able to afford the required monthly repayments
Are 3 Month Payday Loans Secured?
No. our 3 month payday loans are a form of unsecured personal finance. This means that we will not secure the loan against a high value asset such as a property or vehicle. This leaves you safe in the knowledge that none of your possessions or assets’ status are dependent on the loan you have acquired.
What Happens if I Miss a Repayment?
If you think you may miss a repayment on your loan, the first thing you should do is contact your lender immediately. Missing a repayment date for a 3 month loan or indeed any other form of short term loan is something you should avoid at all costs. If however, you inform the lender that you are struggling to make a repayment or you are going to miss a repayment, they may be able to help you and restructure your loan.
You should remember though, that missing any repayments can seriously harm your credit rating and can mean that getting a loan or form of finance in the future will be much more difficult.
How Long Does It Take to Apply for a 3 Month Loan Online?
Our application process is straightforward and hassle-free. Also, we do not charge any fees for applications and working with a large panel of FCA Authorised lenders, we always aim to get you the loan that will work best for you and your financial position.
Our application process is entirely and exclusively online, so you can get started and get an instant loan decision from the peace and comfort of your own home. Upon approval, your loan can even be in your nominated UK bank account within an hour.
Getting the Best 3 Month Payday Loan Online
There are countless lenders of 3 month payday loans out there, all over the UK. many lenders will offer different repayment terms and some may even charge you application or broker fees. Payday Loans Hub however, takes care of the legwork so you don’t have to. Working with a variety of payday and short term lenders in the UK, simply fill in your application via our website and we will find the best 3 month payday loans from our panel.
By having a single application form which is considered by a larger panel of FCA Authorised lenders, we save you precious time which means you don’t have to go from lender to lender, spending unnecessary time redoing application after application for lender after lender. just fill in your details and apply for a loan of up to £2,500.
Apply Online Today
Apply online today for a 3 month payday loan, opening you up to a panel of FCA Authorised short term lenders in the UK of up to £2,500. Applications are processed immediately and you can receive an instant decision and same day funding for your 3 month payday loan, helping you get back the financial breathing space you need.