3 Month Installment Loans for Bad Credit
Borrow funds fast with 3 month installment loans even for people with bad credit. Direct lenders standing by to review your application and hopefully make you a loan offer. What are my loan options? Applying for loans has become a necessary experience for most of us. Let’s face it. At some point in our lives, for one reason or another, we will need to apply for some type of short term loans.
Three month installment loans don’t need to have a specific purpose. They can be used for anything, and they don’t require collateral. If you make your payments on time, it may even improve your credit score. However, like any other consumer loan, your approval for a personal loan from any direct lender will depend upon your ability to repay.
Can I Get a 3 Month Loan With Questionable Credit?
If you have a bad credit score, it is unlikely that traditional lenders will approve your loan request. But if you have an good credit score, it shows that you are reliable, responsible and trustworthy, so you will be able to repay your loan on time without any problems. If you need someone to lend you a 3 month loan, please keep reading.
How Much Can I Borrow for 3 months with My Credit Score?
According to the Fair Isaac Corporation (FICO) score range, one of the most trusted and popular credit score ranges, a 600 credit score is considered “Fair”. Credit scores range from 300 to 850, and the higher your score, the better it is for you. It reflects the kind of borrower you are – how fiscally responsible and reliable – and this makes lenders more confident that your debt will be repaid as agreed.
To help you understand where your credit score stands, here are the FICO score ranges.
- 300 – 579: If you fall under this category, your score is considered “very poor”. 17 percent of Americans are under this category. If you apply for credit, you are considered a "high-risk" borrower and will likely have trouble securing a loan.
- 580 – 669: This score range is considered “Fair”. 20.2 percent of all Americans have credit scores that fall under this range. If you apply for a 600 credit loan in this range, you are considered a subprime borrower.
- 670 – 739: If our credit score is in this range, it is considered “Good”. 21.5 percent of Americans are under this category. Credit applicants who are in this range are most likely to be responsible in paying off their debts.
- 740 – 799: This score range is considered “Very Good”. As many as 18.2 percent of Americans fall under this category. If you are under this score range, there is a high chance that lenders will offer you more than average rates.
- 800 – 850: Credit scores under this category are considered “Excellent”. 19.9 percent of Americans have a score range that falls under this category. If you apply for loans with this score range, then you will get better rates from any lender.
Which Direct Lenders Will Loan Money for 3 Months?
If you have a credit score that falls under the “excellent” category as per FICO scoring, that is over 800, it won’t be very difficult to get approved by lenders for personal installment loans. That said, here are some of the most credible and trusted lenders available for you even if you credit is less than perfect.
If you want a short-term 3 month loan, you will have some traditional lending options and also some non traditional options.
1. Traditional Bank or Credit Union
You can certainly apply at a local bank or credit union. They will most likely run your credit score to determine if you are eligible for a loan and and what interest rate they determine. This may be your best option if you can get approved. They will likely charge you the cheapest interest rate of all your lending options.
2. Pawn Lending
Regardless if you have an 800 credit score or 300 credit score, pawn stores will lend to you. You simply bring an item to the store that is worth some money and they lend to you based on the value of that item. They retain the item until it is paid off including interest. These loans are not cheap but you are also only risking the item that you brought to the store. You credit score is not at risk. If you do not make payments they simply sell them item your borrowed against and recoup their money.
3. 3 Month Installment Loans
Who will lend money to you for a short term duration like 3 months? There are many online direct lenders that will quickly process your application and attempt to get your approved. Some lenders will lend up to $2500 with just your signature as collateral. WireLend has a network of lenders that we use to try and get people approved. Best of all, our lenders do not run a hard credit check and your credit score will not be part of the lending application process. If you would like to learn more about these short term installment loans click here.
4. 3 Month Payday Loans
Payday loans in many states allow you to extend them several months in a row. So you may be able to get a 3 month payday loan but it is probably your most expensive type of financing. Look around and make sure this is your last option and you have tried other avenues first.
How Does the 3 Month Loan Process Work?
The best way to get started with a short-term loan is to complete the application above. It does not show up on your credit report, so it will not hurt your credit. If you are approved you will immediately receive a loan offer from one of our direct lenders. You can choose to accept or decline the offer after you review the terms including the interest rate, monthly payment, and duration of the loan. If you accept, then the borrowed funds should be sent direct to your account on the next business day. Payments will auto withdraw from the same account.
In 3 short months your loan could be paid in full and you no longer have any obligation to the lender. Sounds pretty good right. Get all the cash you need and pay it back over the following months. Be sure to budget for your new loan payment so you do not run into financial issues.