In spite of the fact
that loans have always worried the people, especially during the time of
repayments, still there are a large number of prospective clients who depend on
borrowings to meet their urgent requirements. In fact, the number of borrowers
have increased manifold over the years because of the introduction of multiple
lucrative features that have appealed a lot to the middle class people. Though
it is not always correct to resort to debts, yet under certain unforeseen
circumstances, it becomes inevitable to depend on borrowings. Earlier, it was
difficult to obtain money without pledging proper collateral or having proper
credit check. However, a number of short term unsecured loan options have come
up to cater to the impending needs of those who do not have enough property to
pledge as collateral.
One of the most common
short term debts that has created waves among the people is the 3 month Payday
loan. What is most notable about this debt is the fact that it has specially
been tailor made for the middle class people so that they can meet their urgent
needs before getting their next salary. As the name suggests, it is taken for a
period of 3 months and can be repaid gradually. Such borrowings have proved
highly advantageous for the service class people as well as the students. A
service class individual can now meet all his necessary expenses by taking up
such debts and repaying them gradually when he receives his next salary. What
is good about this borrowing is the fact that it reduces your dependency on
your salary. Even students can now avail such loans provided that they should
be working for a minimum of past 3 months and earning a minimum salary of
£1000. This criteria is necessary for banks, because such debts do not require
any credit check or collateral to be pledged. Therefore, the only way to judge
the repayment capacity of a debtor is to evaluate his / her salary or work
experience. Other than this, you need to be a citizen of UK, you should have a
valid bank account and you must be minimum 18 years old.
Since 3 month pay day
loans do not require any credit check, therefore even someone with a bad credit
history can apply for such borrowings and obtain them also. Another advantage
of such borrowing is that it is easily available and provides cash to the
person within 24 hours. This is because of the fact that it can be processed
faster as it does not require any paper work or lengthy formalities. Such debts
are often availed by people to meet their educational and household expenses as
well as emergency medical needs. Some borrowers even take this loan to get
finances for a family trip or a holiday outing. The amount provided under this
loan category ranges from £80 to £750. Other than this, what is most striking
about 3 month pay day loans is that they are available with easy repayment schemes
that do not affect the saving capacity of the borrowers and remove their
tension to a large extent. The borrowers can repay the amount within a period
of 14 to 31 days.