Even though in the UK we have one of the largest most established financial markets in the world there are still people who have trouble getting credit. This is not a new phenomenon, there has always been people who at some time or another have had financial problems that has meant they were unable to borrow money.
Fortunately there have always been financial institutions that have been able to supply a line of credit to those who have fallen on hard times. One such form of lending is the payday loan, a short term method of acquiring a small cash unsecured loan that is usually repaid within 30 days.
Some lenders have now extended this facility and now provide 3 month payday loans, this is basically the same loan but you have up to 3 months to repay the money you borrow. This is because many borrowers have trouble repaying the money in such a short time period, especially when there finances are being stretched.
It is very important that when you want to borrow money that you approach a regulated online lender. Never under any circumstances borrow from a doorstep lender or loan shark. Doorstep lenders are not regulated and rarely tell you the amount of interest you will be charged. Legal online lenders have to state their APR on their sites so that you know how much you will have to repay for the amount that you borrow.
Getting a payday loan online could not be easier as long as you meet a few basic requirements. Firstly you have to be a UK resident of at least 18 years of age. You should also have a UK bank account, this would usually be a current account as most lenders require you to have a debit card registered with your banking account.
There is also usually a minimum amount of earnings required to be able to borrow money. This can be as little a few hundred pounds, the more you earn generally the more you will be allowed to borrow. Responsible lenders will only allow you to borrow money that you will realistically be able to pay back.
To apply online for a 3 month payday loan you will need to complete a short application form. This is for you to be able to provide some details about yourself, your requirements and your bank details where you will want your money to be paid into.
Once your application has been accepted you will be notified by email and your money will be transferred into your bank account. This transfer can happen the same day and will be done using a direct deposit.