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4 Top reasons why you should prefer 3 month loans over payday loans?
The concept of 3 month loans is slowly substituting payday loans. This article lists four prime reasons why one should prefer 3 month loans over payday loans for the knowledge of readers of this article.
Urgency of cash always drives people to the walls. In such times, normal tendency suggest that one should go for payday loans. However, opting for payday loans in such situations might not be the right decision in such situations. Hence, what to do then? In such cases, if better sense prevails, focus should be on finding a deal that gives ample chance to repay the loan but not without putting much stress on sources of income of the borrower. Obviously, finding a short-term alternative of this type isn’t that easy but then as the popular adage goes, ‘Where there is a Will there is a Way’.
3 months loans are known to be the best alternative to modern-day payday loans. Reason: There are plenty but few have been listed here.
Point No.1 – Longer Repayment Tenure
Yes! 3 month loans become an obvious choice for people who need an instant credit help but are not in shape to repay it back almost the same way. As the name suggests, the time-period offered is sufficient to repay any sort of short-term debt. Clearly, longer repayment tenure makes them the most sought-after loan product in the industry today.
Point No. 2 – Comparatively Low APR
Another place where 3 month loans earn brownie points is on APR front (also known as Annual Percentage Rate). Normally, as everyone knows, payday loans are secured against next month’s paycheck of the borrower. But even then the APR is on the higher side. However, in case of 3 month loans, APR is far more relaxed then its payday loan counterpart because of the time duration.
Point No. 3 – Larger amount can be quoted!
Under 3 month loans banner, one can quote a comparatively higher sum as loan amount than in case of payday loans.
Point No. 4 – Room for negotiation with lender!
In case if you have missed the deadline or you are set to miss the deadline of payment of instalment. 3 month loan give you an option to talk to your lender and explain things to him/her and ask for an extension. But remember, the decision to extend the deadlines or granting such favours rests with the lender only. Although the same chance is also available to lenders under payday loans but then you don’t have much time at your disposal to ask such things.
Meanwhile, the fourth point is applicable if the borrower wishes to seek waiver for certain fraction of interest or amount.
If one will gave a close look to these differences, he/she will surely be able to figure out why one should prefer 3 month loans over payday loans.
Same day loans: Get the cash just in a day
In present world mans desires have no limits and some times these limits cross the barrier of finance. And suddenly a monetary crisis knocks at your doorsteps without any call. If you are self sufficient then good for you and if you are not so in this case same day loans can simply prove to be your best chum. Its an ordinary problem these days when we require some money instantly but our inadequate fund does not permit us for any further investment. The price of money is considered in terms of time then. In such case these loans can be very help to you.
These same day loans can save you from pains and suffering which you can face without this. You can get the immediate cash within 24 hours and these loans are free form any credit history check. So if you are a bad credit holder due to any reason still you are allowed to get these loans. Because these loans are unsecured, money lenders under these loans do not ask for any collateral to pledge thats why the interest rate is quite higher than any other loans.
These loans are availed for short time period usually 15 to 30 days though it is changeable and varies according to different repayment plans. The amount which you can avail through these same day loans usually comes around from £100 to £1500. The fundamental requirements for getting these loans i.e. a person should be citizen of UK and permanent employed having the minimum salary of £1000 and must have a personal bank account form past 6 months. The money will be deposited directly in your bank account within 24 hours after the approval. While in the repayment time money will be deducted directly form your bank account by the post dated cheque.
After getting the money you are free to use it as the way you want to. You can repay your credit card bills, grocery bills, medical bills, library bills, electricity bills and so on. You can apply online for this loan easily and can get approval.