3 Month Loans

3-month loans are typically reserved for emergencies. Applying for a loan is the best option when all of your other options aren’t available, but use it as a last resort. While some lenders still expect the loan to be repaid in full as soon as you’re next paid, many now offer longer payday loans over 3 months or more.

You may prefer this repayment period as it allows you to spread the cost but still pay off the loan in a relatively short amount of time. However, bear in mind that although you’ll pay less interest overall with a 3-month loan each monthly payment will be higher than a loan spread over several months. For example, repaying over a longer period, such as 6 months, which may be more expensive, may fit better with your budget and circumstances.

Before applying for a 3-month payday loan, you need to know that you meet the minimum borrowing requirements. To be eligible for a 3-month loan you must:

• Be a UK resident
• Be at least 18 years old
• Not be bankrupt or otherwise insolvent
• Have a regular income
• Have a working email address and mobile phone
• Be able to supply your bank account and debit card details
• Be able to provide a history of your address for the last three years

Yes, since we are a loan introducer, we give your application to a panel of 3-month loan lenders via our broker partner. You can also choose a repayment period for your short-term loans from 3 to 36 months, with the term available depending on the amount borrowed. Just note that the longer repayment periods, the more interest, and the more expensive loan repayments will be in the long run.  You can choose to space out repayments and get a handle on other expenses alongside paying back what you owe. Even if you select a longer payment period, you can change it in the application process or later through your online account. You can also make additional payments at any time to repay your balance more quickly.

Lenders understand that everyone has different situations and circumstances which is why we provide those with poor credit scores access to the option of a 3-month loan with bad credit. Even if you have a lower score, you may still be eligible to borrow, just know that you might not be able to borrow as much and may face higher interest rates. We have access to a range of bad credit payday loans which may be better suited for you.

A no credit check 3-month loan is a type of loan where lenders don’t perform credit checks on the borrower. It may be possible to get a 3-month payday loan with no credit check, however, these may be limited and are often high-risk and may come with disadvantages such as high-interest rates. These are advertised as being helpful to those looking for a 3-month loan for bad credit, but these can be harmful as usually the lenders aren’t authorised by the FCA. At Sunny, our broker partner and all of their lenders are authorised and regulated by the FCA, therefore as part of the application process, you will have a credit check. But don’t worry, we do offer access to 3-month payday loans for those with bad credit.

Here at Sunny, you can get access to a 3-month loan online with our simple application. It takes a few minutes to complete and with instant decisions on whether lenders can approve you for a monthly payday loan or not. Once your application and credit checks have been successful and approved, the funds will be transferred into your bank account the same day.