Payday loans have the distinct advantage of
versatility and ease of access. They act as a lifesaver for many situations for
many people all across the globe. With a growing number of financial
institutions willing to hand out payday loans without a credit check, it is no
wonder that payday loans are growing in popularity.
Instant Cash
Loans
Payday loans fall in the
category of short term personal loans. So they come with a limited time frame.
However, it can differ from one financial institution to the other.
What are
the dynamics of payday loans and a three-month payday loan in particular? We find
out in this post.
How do
instant 3-month payday loans work?
Payday
loans are unsecured short term loans that are available for those who are in
need of cash. If you want a payday loan, you will be required to repay it
within a specified time that is stated in the agreement during the time of
securing the loan.
The loan
application for this type of personal loan typically gets approved almost
instantly. Most lenders also have a next business day deposit policy, which
means you get the money in your bank account within 24 hours.
Since
payday loans are short term, they come with relatively short repayment terms. A
typical payday loan has a lifespan till the next time the borrower gets paid.
However, this can differ from one moneylender to the other, as well as from one
state to the other. Learn more about the rules of payday loans set by the
different states in the US here.
According
to a report published in the Pew, payday loans are tied to a borrower’s pay
cycle, which is about two weeks. Some money lenders and institutions also allow
a payday loan to be repaid in 30 days.
But it is
also possible to secure a three-month
payday loan, which falls under the category of short term installment
loans. This type of installment loan can be extended to a year for most money
lenders.
