Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Personal Loan BYTES FROM OUR KITCHEN

    3 Month Loans

    Do you have heavy unexpected bills piled up that needs to be paid and you cannot wait till the next payday to make the payments and neither do you have enough savings to cover up the expenses? There is no need for you to live in a financial stress when you can take a 3 month loan and solving all your short-term cash flow problems. You need not even be worried if you have a bad credit history or if you were bankrupt in the past.

    As the name suggests, 3 month loan is a loan taken over a 3 month period. The loan typically has equal repayments for each month. Though the last payment might be slightly higher than the first two months payment.

    3 month loans are a preferred option when you need a loan but not with a high cost of borrowing. Any loan taken for less than 3 months seem to be a short period to repay the loan. When a borrower takes a 3 months loan he has just about enough time to repay the loan amount and not be burdened with a heavy cost of borrowing.

    The loan amount depends on your repaying capabilities. Anybody above the age of 18 years and working and who has a bank account can avail the 3 month loan. There is no restrictions on how the amount is being used. The banks usually do not bother with the borrower’s credit history. The 3 month loan is an unsecured loan.

    In UK, a borrower can borrow up to £1500, but the lender will take into consideration your repaying capability and will ensure that you can comfortably return the money. Once the application is approved, the borrower gets the money credited to his account within 24 hours.

    Typically a 3 month loan is taken in case of emergencies. If you have incurred an expense like a broken down car, repairing your washing machine, paying a plumber or fixing your roof etc.

    Eligibility Criteria for applying for a 3 month loan

    • The borrower must the resident of the country offering the loan. UK and US are known to offer 3 months loans.
    • The borrower must have a bank account and a debit card.
    • The borrower must be of the age 18 years and above and must be working.
    • Different lenders have a different earning cut-off for the borrowers. Base on how much money the borrower is earning a certain loan amount will be sanctioned. The lenders will make sure that you can afford to pay back the loan amount in 3 months period.

    Why a 3 month loan is better than a Payday loan?

    At certain times, there is no way you can avoid an expense it could arise from emergency or it could be unplanned and you don’t have a rainy day that could cover the expenses arising out of such situations. If you do have to take a loan make sure you aren’t falling prey to loan sharks and to the payday loans. Never take a loan just because you want to buy an item or upgrade your lifestyle. What you need is something worth not going in debt for.

    The best option you have when you need money immediately is to borrow from family and friends as that way you are not sucked into the whole debt all your life and end up paying almost twice the amount you took as a loan. People close to you will understand the emergency. But taking a payday loan is not a viable option because:

    • Payday loans rely on you having a payroll and being employed. It is a short term unsecured loan. But not really worth the interest amount that you will be shelling out on the amount you borrowed. The lender is actually taking advantage of the vulnerable people. It is a difficult mess to get out of. You have to make the repayment and you won’t be allowed to take another loan to cover the repayment of the payday loan. The lenders prey and capitalize on the financially poor people.
    • But a 3 month loan will give you 3 months period to pay off the loan
    • There are plenty other options available to you apart from taking a payday loan. They might not further put you in the financial distress. The payday loans on the other hand are designed to keep you in a constant state of debt.
    • 3 months loan are cleared within a period of 3 months.
    • Payday loans are for a span till you get the next pay check. But most people’s pay check are just about enough to make all the payments and for the necessary expenses and the little money that will be left will go into their savings. When there is a debt to be repaid, it causes a huge dent in that budget, you might end up compromising. And hence at times, people end up taking another payday loan and the vicious circle keeps repeating itself. And you find yourself in a loop.
    • 3 months loan is cleared in the span of 3 months and hence you are not stuck in debt for a long period.
    • It is very tempting to take a payday loan as you get a loan for a small amount and you think you will be able to pay it back when the next paycheck comes in. but, what you don’t take into consideration is that you will be compromising on a certain budget of that particular month.
    • When you take a 3 month loan, you will get ample time to plan out your budget and will not be in a financial distress.
    • Some lenders will not even clearly lay out the interest that you will have to pay for the amount they are loaning you. You usually end up paying almost twice the amount. This will cause a huge dent in the financial budgeting of the next month.
    • When you take a 3 months loan, you pay back the amount in 3 instalments and you won’t be required to pay one lump sum.
    • The lenders will also not take into consideration if you have the means to repay the loan and most of the times, the borrower might not be so financially stable and may end up making more debts than he can repay.
    • When sanctioning a 3 month loan, the lenders take into consideration if you can pay back the amount and sanction an amount that you can comfortably return without having to compromise on your other required expenses.

    Accruing more debt is not what you would want by the end of the day. You will financially stress yourself out and this might affect the way you live and your health.

    Advantages of 3 month loans

    When you are taking a 3 month loan. You have about three months to repay the loan. And that is about enough time for you to save the amount and repay the loan.

    • The loan period doesn’t have to extend and the loan amount is decided by the lender after they have taken into consideration if the borrower has the capability to repay the loan in the 3 months period provided to him. So, 3 months loans are better than the payday loan.
    • A 3 month period will give you ample time to properly budget your finances and save for the loan. You can pay back the loan amount in three instalments thus not burdening you to pay the loan back in a lump sum as you have to with the payday loans.

    It is better to live like a miser and pay off the loan immediately than continuing to live off on the money you don’t really have.

    3 month loan in India

    In India, there are 3 months loan offered to the borrowers. So what does a person do who is in need of cash immediately but doesn’t get a loan for a shorter loan period? As the need for cash is for a short term and that you want to be able to repay the loan sooner, in that case, the borrower can consider a bunch of other options instead of taking a loan for a longer period.

    First off, go talk to your current banker with whom you have had maintained business with, for years. It could be a neighbourhood bank and if you have had a nice rapport with the manager, he will surely help you work out a deal that will work in your favour as well as the banks. Your current banker will be able to understand the need for finance for a shorter period. But, if you approach a new banker, he would not be so considerate of your situation and might not be able to help you out.

    In India, if you have a fixed deposit account that you have maintained with any bank for a while, then the bank will provide you a loan up to the limit of the amount in fixed deposit account maintained with them. You will also be eligible to get a credit card up to the limit of the amount you have maintained in the fixed deposit account. Though the cash withdrawal limit might be lower, it will sort out your immediate cash requirement.

    Indians are always saving money. If you have managed to save a certain amount, break the deposit and use the money. It is still better than you getting into more debt. Always try to stay away from debt as much as you can. It is better to find a way to manage your own expenses. At times, your reason to take a loan would be just outright unreasonable. Sometimes, it is not even worth taking a loan.

    Remember, you can always borrow from your family and friends, who will be more than willing to help you out. Also, they will be more considerate of your situation and will not take advantage of the vulnerable situation that you are stuck in.

    Then, there are also Co-operative societies that lend financial aid to their members. Make yourself aware of the various small lenders around the place that you reside. There is always be someone who will go out of their way to help you during the time of need. You can also approach the religious institutions that will have a certain amount set aside to help those who are in financial difficulties. If not, there are also NGO’s that will help you out. Always find an alternative to borrowing money from the bank, there will be a way out of the financial difficulty without you having to be stuck in debt for a longer period.

    It is logically to turn to your family and friends first as they will be considerate of your financial situation and not try to exploit the fact that you are in urgent need for money. Also, you can set a reasonable interest rate and the term of the loan. But make sure you do not default on the payment as the relationships may suffer due to this. If the family member and friend is made aware in advance about you missing out the payment, it may save a lot of uncalled misunderstanding.

    Stay away from the loan sharks and from the secured loans as there is no way out of the arrangement unless you have made all the payments. Save as much money as you can and try to stay away from getting more debt than that you can handle. Always clear off a loan first before taking another one. Do not take a loan unless it is actually necessary.

    3 Month Loans Reviews

    • Bank Bazaar Personal Loan
      "Good website for credit score"
      0.5 3.0/5 "Satisfactory"
      Bank Bazaar online application is good I used to check my credit score. I am fine with the report and information but I suggest post process should be improved, based on the customer's profile the loan eligibility should be more. However the response is good from your end.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 25, 2019
    • Kotak Personal Loan
      "Network should be enlarged"
      0.5 4.0/5 "Great!"
      My area pin code was listed in Kotak Mahindra bank, there was no alternate option to take the personal loan. However the response is very good they reached me on time. I believe the interest rate and charges are nominal for the personal loan. They need to include all area for the loan approval.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 25, 2019
    • Bank Bazaar Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      My friend had suggested me about the bank bazaar for checking credit score as he regularly check his score through bank bazaar,and this was my first experience even i have check credit score through bank bazaar,and i got call from them that i am eligible for loan,so i have applied, i have downloaded mobile application,it is easy to access.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 25, 2019
    • Early Salary Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      The service was good but one i will do payment i will get to know about it,and The loan amount which they have given me was not sufficient i have been expected more,and the rate of interest they have charged me was nominal,they have charged me up to 5.5% ,and they have not charged me processing fee,but for doing payment i need expected up to 6 months of tenure period but only for 2-3 months they are giving as tenure period.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 25, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have applied my loan through bank bazaar the loan got cancel but i am happy with the services . Their Mobile application is easy to use and light. Overall their platform is really useful for comparing . Only they ask so much of documents . The Customer support follow up was also good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 25, 2019
    • Tata capital Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I applied my loan through TATA CAPITAL but the application got cancel and the reason is i am in need of car loan but they were providing me personal loan . But whatever experience i got was good , i do not have to struggle much it was very hassle free process . Overall it is good .
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 25, 2019
    • HDFC Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have got my personal loan through HDFC BANK , they charge processing fee and tenure period is 3 year . The rate of interest is good with this bank, and they provide sufficient loan amount . Customer support is good and they provide preclosere option with this bank .
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 25, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I applied my loan through bank bazaar but it got cancel because of some personal reasons . Bank Bazaar is a good platform to compare all the banking products available with various banks. I never faced any issues with their services. Overall it has been very good experience with bank bazaar . Website is easy to use .
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 25, 2019
    • Tata capital Personal Loan
      "They need to improve services"
      0.5 3.0/5 "Satisfactory"
      I applied for my loan through TATA CAPITAL . I was in need of business loan but they was providing me personal loan so i rejected the application . I am not happy with their customer service response they said me they will call because i was facing some query but they did not .
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 25, 2019
    • HDFC Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      There is a Personal Loan going with HDFC BANK . R. My application was processed on time and rate of interest are not nominal here. The tenure period is 5 year . The loan amount is 400000 and it is sufficient . Within 5 min i got my loan amount . Overall it is good .
      Was this review helpful? 0
      , pune
      Reviewed on Mar 25, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have been using BANK BAZAAR for while.The customer support is excellent they are very polite when they are talking , i did not face any issue with them and even at the time of documentation, the process was good . I came to know about this website through online .
      Was this review helpful? 0
      , pune
      Reviewed on Mar 25, 2019
    • Tata capital Personal Loan
      "Very slow process "
      0.5 4.0/5 "Great!"
      I had applied for a personal loan with TATA CAPITAL but i cancel the application because here the process was very slow they are not giving the loan soon it was taking so much time . So i took my loan from HDFC BANK they provide me 400000 of loan and within 5 minutes i got it .
      Was this review helpful? 0
      , pune
      Reviewed on Mar 25, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I applied for a personal loan via Bank Bazaar. I have been using the Bank Bazaar services for a while. Mainly i use to check credit score , credit card offers through bank bazaar . After applying for loan they use to call immediately that was best thing of bank bazaar .
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 25, 2019
    • Early Salary Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My personal loan amount was taken with EARLY SALARY , the customer support is excellent with this bank , i can connect them easily with them . The tenure period is 1.5 month and loan amount is up to the mark . They provide interest rate . I do not have to struggle much .
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 25, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using the Bank Bazaar services for a while. The service is best, I got the loan with in few days, Documentation was very good and hassle free. Bank Bazaar is a convenient time saving services to purchase various financial products from one website.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 25, 2019
    • Tata capital Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I had applied for a personal loan with TATA CAPITAL and i am happy for the reason that my application processed on time and there was no delay. The rate of interest is 13.5% reasonable here. My loan has a tenure period of 3 years . I applied for 100000 and i got the same amount .
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 25, 2019
    • HDFC Bank Personal Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      I had applied for a personal loan with HDFC BANK and it happened to take few days. Over all I am happy with their service. I close this loan . I thought i would get loan on instant Approval, but when contacted they said they have some technical issue and later it was sorted out. Interest rates are reasonable here.
      Was this review helpful? 0
      , indore
      Reviewed on Mar 25, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      Customer service response is very satisfactory, i did not face any difficulties throughout the process. I have been using bank bazaar service for past many month. I came to know about their services when i am checking credit score . Overall my experience was good.
      Was this review helpful? 0
      , indore
      Reviewed on Mar 25, 2019
    • Kotak Personal Loan
      "Shud stick to the promise ROI watever they said initially"
      0.5 3.5/5 "Pretty good"
      My personal loan was taken with KOTAK MAHINDRA BANK , they provide 200000 of loan amount . The tenure period is 3year . They charge very high processing fee it is 4000 and service was good . Initially they said 10.99% rate of interest but later they charge 11.25% .
      Was this review helpful? 0
      , indore
      Reviewed on Mar 25, 2019
    • HDFC Bank Personal Loan
      "Good door step service provider"
      0.5 5.0/5 "Blown Away!"
      I got the door step service through HDFC, the field executive came to my place for documentation. I got preapproved loan because I am an existing customer. I got 12% of interest for the personal loan amount Rs. 3.7 lakhs with the tenure of 60 months. They have foreclosure option after 6 months of emi but charges applicable.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 25, 2019
    Common Loader Icon

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.