A Poor Credit Rating Does This Affect My 3 Month Loan Application?

Just like in the situation with other popular types of cash advances, 3-month loans do not rely on the client’s credit score. First of all, you are free to use the money you get on any purpose. It does not actually matter how you are going to utilize them.

At the same time, lenders do not check your credit. They are more focused on your salary rate as well as working experience and occupation. For this reason, the requirements are generally the same as with other payday loans. The applicant must be over 18 and have US-based citizenship.

Moreover, he or she must have a permanent place of work in the same company or firm for at least 90 days. The loan does not apply to people who were recently fired. Other loans will not affect the decision as well. You should note that the rule might be different from company to company. You should check your state jurisdiction and terms established by some of your local lenders.

Loans you can pay back monthly with bad credit

Repaying on mostly basis is always better for the borrower instead of covering the debt 14 days after accessing necessary cash. This one especially refers to people with poor credit. However, for some time a bad score is no longer an obstacle when getting financial assistance. Here are some major loan types that might be repaid on a monthly basis.

Installment Loans

When you access these particular services, you will generally have to repay a series of regular and fixed installments. Despite the fact, they are available for people with bad credit, the repayment period may be extended up to 7 years depending on particular conditions. Good news is that a borrow still has a chance to negotiate the terms with the lender.

Short-Term Loans

Also known as short-term financing, this type of cash advance may generally help whenever you need to cover urgent expenses like house or car repair, vacation, etc. Although most lenders provide them on two or three-week basis, the period may be extended up to 6 months making them a good option to pay month after month.

Credit Card Loans

It may hardly be a good alternative to other types of loans, although it is still worth consideration. The main problem about credit card loans is the APR rate and commissions. They are supposed to be the most expensive for the borrowers. On the other hand, one would hardly argue they are extremely convenient featuring extended repayment period up to years. You spend as much as you need and repay on a monthly basis taking advantage of commission-free periods and other special offers depending on the issuer.