3 Reasons Why More and More People Are Opting for 3 Month Payday Loans

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Traditional payday loans are quite simple to understand. You take out a loan – usually for about a month – and the entire amount of the loan is due, plus interest and service charges, after the month is over. However, this means that it can be tough to repay an online payday loan on time, especially if you need quick cash for a car repair, medical emergency, or any other reason. If you can’t come up with the money after a month, you may face a number of financial difficulties. Looking for online loans with monthly payments? Learn more here!

This is why more people than ever are choosing to take off 3-month payday loans, sometimes called “flexible payday loans or flexible loans online.” Unlike traditional payday loans, these loans are paid off over 3 months, using equal installments at the end of each month.

Why are 3-month payday loans so popular? Here are just 3 reasons:

1. It Can Be Beneficial to Repay the Loan over a Longer Period of Time

Because each of your loan payments is smaller, it can be easier to repay a 3-month payday loan. You don’t have to worry about the entire lump sum being due at once, which can reduce financial stress, and ensure that you don’t miss any other bills. Because your finances are more flexible, it’s more likely that you’ll be able to make all of your payments on time. 3-month payday loans are often available in slightly larger amounts than traditional payday loans. This is because each individual payment is smaller, so a lender may be willing to issue a loan for a higher amount than a traditional payday loan. Still, borrowers should take care when taking out a 3-month loan, to ensure that they will be able to afford each payment.

2. Applying Online for 3 Month Payday Loans Is Quick & Easy

Many online lenders have begun offering 3-month payday loans as an alternative to traditional payday loans – which means that borrowers are able to easily apply for a loan online, without going into a brick-and-mortar payday lending office. Online applications are simple and easy and do not require you to even set foot in a physical lender’s office. This means that prospective borrowers can quickly find out if they are qualified for 3-month payday loans from the comfort of their own home.

3. Three Month Payday Loans Are Faster Than Bank Loans & Installment Loans

If you need a large amount of emergency cash and are looking to be able to repay it over multiple months, you could choose an installment loan from a direct lender, or a traditional bank loan. However, installment loans often take a while to process, and you may not be able to get the cash you need in time. And to get a loan from a bank, you typically must have excellent credit – and the process of approval can still take weeks.

In contrast, a decision can be made about payday loan eligibility within only a few minutes, in most cases. A limited background or credit check is required – just basic employment information, address information, and identity verification. That’s it!

Because of this, payday loans online are faster than other types of loans, and your money can often be deposited the same day, or on the next business day.

At Mypaydayloan.com, we always offer the newest, most cutting-edge loan products on the market. As a member of the Online Lenders Alliance, we’re happy to provide our customers with the best service, and loan options including 3-month payday loans, same day payday loans, and cash advances. Want to learn more? Apply now or take a look at our FAQs to get started! 

 Next-Day & Same Day Funding cut-off times:

  1. If your payday loan application is received and approved prior to 11:50 a.m. EST Monday through Friday, you should receive the funds the same day by 5:00 p.m. your time (If same day funding requested)
  2. If your payday loan application is received and approved after to 11:50 a.m. EST Monday through Friday, you should receive your funds by the next business day.
  3. If your payday loan application is received and approved Saturday or Sunday, you should receive your funds Monday or the next business day by 5:00 p.m. your time (If same day funding requested)
  4. If your payday loan application is received on a bank holiday, your application will be reviewed and approved the next business day.

 

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