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Longer Term Payday Loans

by Jim ONeil on December 20, 2010

in unsecured loans

In many cases, payday loans must be repaid in a matter of weeks or upon the borrower receiving the next paycheck. Such repayment terms are often not sufficient to get the individual back on track financially, which can lead to a much worse situation. Fortunately, there are now payday loans that feature longer terms, which should prove more feasible for these borrowers.

Three month payday loans allow salaried individuals to fund their financial emergencies. These loans feature instant approval and simple conditions and terms. People who have poor credit or little collateral  may experience issues dealing with mid-month monetary issues. The financial sector does not provide much assistance for these individuals.

Consumers can apply for a three month payday loan in an amount up to £1500. Loan applications are simple to complete and arranging the funding is a convenient process. Applicants do not need to provide past credit history or a security deposit. Approval of these loans is dependent on the ability of borrowers to repay the money rather than credit history or collateral.

Cash received through a three month payday loan can be used to pay things like a car repair bill, insurance premium, rent, hospital expenses, and medical bills. In fact, there are very few restrictions pertaining to acceptable uses. Interest rates and monthly payments are affordable, even to applicants with a history of late payments, defaults, IVA, CCJs, or who are in arrears.

Individuals who have a regular source of income due to stable employment and are eligible to vote in the UK should consider a three month payday loan if they need money. If approved, funding will take place quickly and the individual will have 14 and 90 days to repay the money. This extra time gives them an opportunity to get on better financial footing before having to pay off the loan.

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