Getting a payday loan over three months or if you get a loan for a period of 90 days then this will give you longer to repay the money you have borrowed. Traditionally this type of lending in the UK has been over a 30 day period or 1 month.
Often people ask for a 3 month loan because they find that they would not be able to afford the repayments over a shorter period. If you are taking out a larger loan and borrowing more money then having to repay it all the next month may leave you short of cash and unable to cover the cost of your monthly outgoings.
Whilst being able to get a fast short term cash loan having to pay back the money the very next month means that our finances will still be in a mess. Having a longer period of time to pay back the money means that we are able to budget more confidently to make sure all the normal monthly expenses are covered.
If you end up paying out a large proportion of your money to cover the loan repayments then this may mean that other normal monthly costs are not covered. If you go overdrawn at the bank or you will end up being charged or if you default on some other payments you may have to incur charges.
Making sure you have enough money to cover any outgoings means that you do not risk having to pay our even more money. Even though a 3 month payday loan will incur higher interest charges for some people being able to borrow the money for longer would make more financial sense.
Not all payday lenders provide loans over a 3 month period. After your initial application and if it is not already specified in the application form you can contact the lender to extend your loan period.
The entire process is electronic and is done over the internet. You will need to fill in a short one page form to provide details about yourself and your loan requirements. Once approved you can have your money paid into your bank account which will usually occur within 24 hours.