If you’ve got unexpected bills or expenses to pay and you’re miles away from payday, it can be stressful. But with a 3 month loan, you could access the cash you need quickly and spread the cost over 3 months.
We’re credit brokers at ThisLender, which means we can match you with one of our UK loan lenders who are all regulated by the Financial Conduct Authority (FCA).
Be warned, though, a 3 month loan is a pricey funding option. There are alternatives out there, including borrowing from friends and family and selling your unused stuff online.
If you’re here to learn more about how 3 month loans work, read on.
A 3 month loan is a short-term loan usually repaid within three months (90 days). Three month loans are usually used to borrow smaller amounts of money to cover short term cash flow gaps and financial emergencies.
Getting a 3 month loan is quick and straightforward, all you need to do is complete an online application form stating how much you want to borrow, and the period you want to borrow it for. In this instance, a period of three months.
The lenders that we work with are quick at deciding whether to lend to you or not. If approved, you could have the funds you need in your bank account within 10 minutes². After taking out a three month loan, repayments get made in three equal monthly instalments.
A 3 month loan can help get you out of tricky and unexpected financial situations. For example, you might need to pay an emergency bill, or perhaps you’re consolidating debt - however you choose to spend your three month loan is up to you. There aren’t many restrictions when it comes to using your three month loan, however you should not use these loans for anything other than necessities.
Some common immediate money problems you can use 3 month payday loans to cover include:
Despite coming with higher interest rates, 3 month payday loans offer a number of benefits for customers in need of money quickly. A few of the main advantages are:
When it comes to 3 month payday loans, loan lending criteria differs from lender to lender. Once you submit your application for a three month loan through ThisLender, we will ask some basic eligibility questions. After passing the initial checks, you will need to meet the direct lender’s lending criteria.
If you meet the below direct lender criteria, then you could qualify for a 3 month loan:
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Access from £50 to £5000†
Yes, you might be able to get a 3 month loan with bad credit. The 3 month loan lenders we work with welcome applications from borrowers with all credit histories.
When assessing your application, the lender will look at a number of factors to determine creditworthiness. Bear in mind that the lender will always want to ensure you can afford to repay the loan in full, so if you have adverse credit, you might be asked to get a guarantor to co-sign the loan agreement.
Lenders are required to lend responsibly, so if you have bad credit the lender will want other evidence that shows your ability to make repayments - such as full time employment and income records.
Unfortunately, you might struggle if you want to secure a 3 month loan with low interest. With a bad credit score there’s more of a chance of the lender charging high interest rates to mitigate the lending risk.
Remember: If you’re struggling with debt management, please visit Money Helper (formerly the Money Advice Service) for free, impartial debt advice.
No, every lender will credit check you during the application process. Lenders need to credit check all applicants to make sure they are financially sound and able to make monthly repayments.
You should be wary of any provider offering a 3 month loan on a no credit check basis. Regardless, you don’t need to worry about going through a credit check as there are many lenders out there willing to lend to you if you have a bad credit history.
At ThisLender We arrange 3 month loans from £50 to £5000†. But the amount you will receive will be based on what you can afford and your financial circumstances. So it’s important to understand that you might not receive the amount you apply for, the lender will assess your application and determine how much you can borrow over the three month period.
You should only borrow the amount of cash you desperately need - as we’ve already mentioned - 3 month loans can be costly.
Yes, a 3 month loan can be expensive. They are a fast but costly way to borrow money, and because of this they tend to feature higher interest rates than longer term loans. Although you will be able to repay the borrowed funds quickly, in just three months, you should watch out for interest charges.
It might be possible for you to pay back part or all of the 3 month loan earlier than initially planned, and doing so could help you to save back the total amount paid with interest. When discussing the loan terms with your lender, be sure to raise this question.
If you want to get a 3 month loan from a direct lender, all you need to do is visit the lender’s website and filling out an application form. Or, you can use a broker, like us.
Here at ThisLender, we match you to the most suitable 3 month loan provider for your needs. You don’t have to spend time researching and comparing lenders - it’s what we do best!
What’s more, our services are completely free of charge, and there’s no obligation to accept any of the quotes put forward by our lenders.
We exist to help our customers borrow money seamlessly, stress-free! There are so many direct lenders out there, and we know first hand how long it can take comparing rates. When you apply through ThisLender, you don’t have to worry about sourcing potential providers. You make one simple application and we will match you to the best lender for your situation.
So what’s holding you back? Apply now.
Apply for your 3 month loan today
Access from £50 to £5000†APPLY NOW
Representative 49.9% APR
Representative example: Amount of credit: £1200 for 18 months at £90.46 per month. Total amount repayable of £1628.28 Interest: £428.28. Interest rate: 49.9% pa (variable). 49.9% APR Representative. Rates from 45.3% APR to 1721% APR - your no-obligation quote and APR will be based on your personal circumstances. The minimum repayment period for any loan will be 90 days from the date the loan is issued. The maximum repayment period is 3 years.
We are a credit broker, not a lender.
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