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Sometimes, one needs a quick financial support or a short-term loan to meet everyday needs. Many people refrain from borrowing money from family members or friends. Some also do not like to dig into their savings and would like to keep it for a rainy day or a bigger milestone in life. So, how do you meet these short-term expenses or an emergency situation?
A 3-month loan fits the bill. One can borrow small sums of money and comfortably repay it over 3 months’ time. This might not be in equal instalments as the last instalment could be higher than the first two. This loan is suitable when you need small amount of money and not want to pay high rate of interest. The lender decides on the amount of loan on the basis of the financial background of the applicant. Usually, people go for this loan in case of emergency cash requirement. This is an unsecured loan and therefore, does not need a collateral.
This type of loan is considered to be a better option over a payday loan. In a payday loan, one gets credit only till the salary comes in. One needs to be employed and should be earning some income. Sometimes, lenders take advantage of this situation and charge high rates of interest. The individual will also not be in a situation to take another loan to cover expenses or pay off the payday loan. Eventually, one ends up spending lot more on repaying the loan over the actual need of money.
About 3-Month Loans
Some of the key benefits of taking a 3-month loan are:
3-month loans are offered in India as a product. There are many requirements which are short-term in nature and individuals would like to take a quick loan to meet these needs. It has increasingly become a go-to loan. However, the loan amount will be available at the discretion of the lender.
Due to good banking relationship with your preferred bank, the lender can work out details of the short-term loan to suit your needs. One can also avail short-term loan on your credit card and negotiate the repayment period with the bank.
In India, short term financial requirements are also met by borrowing money from family and friends. Since ours is a very close-knit culture, borrowing small amounts of money from the bank is discouraged. Co-operative societies also come to help of many families who cannot afford high interest loans. This is especially useful to economically backward classes of the society where they can get easy cash and repay in smaller amounts.
Loan sharks tend to take advantage of your situation when they know you are in dire need of money. It is prudent to be on the lookout for fake lenders who could land you in a trap which is very difficult to come out of. One must borrow money, even if it is a small amount from reputed lenders/banks/financial institutions to avoid such hassles.
1. Is a 3-month loan a personal loan?
One can say that it is a type of personal loan however slightly different in the repayment method. The rate of interest will be lesser than a regular personal loan and the repayment will need to be done in 3 months’ time.
2. Does this type of loan need a security?
No, this is an unsecured type of loan and does not require any collateral.
3. How do I repay this loan?
A 3-month loan is repaid through cash or cheque. The last instalment could be slightly higher than the first two. Personal loans can be repaid through a direct debit from the bank account or ECS.
4. How is loan eligibility calculated?
Different loans have different eligibility criteria. In case of a 3-month loan, the lender only considers your repayment capacity. In general terms, banks consider your regular source income, credit history, net salary and other personal details before sanctioning a loan.
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