3 month loans

The facts and the alternatives

Key considerations when looking at 3 month loans

If you are considering taking out a personal loan, one of the key things that you need to decide is how long you want the repayment period to be.

The repayment period is the amount of time a lender gives you to completely repay your loan. 

Repayments - What else to consider?

Repayment periods can vary enormously, from days to years. 

Most personal loans tend to have repayment periods of around 18 months – 24 months. But some are considerably shorter. 

Let’s take a quick look at 3 month loans, i.e. personal loans that have a repayment period of only 3 months.

Alternatives to 3 month loans

A better option may be to look at a personal loan with a longer repayment period, for example 18-24 months. This gives you plenty of time to pay the money back without the loan repayments  being a struggle.

Even better is if you find a personal loan that has no early repayment fees This could enable you to repay your loan earlier than the 18-24 months if you find you are able to do so.

So a loan with a longer repayment period – but no early repayment fees – could be a much more flexible and reliable option than a 3 month loan, and be a more helpful financial solution for your current circumstances.

Personal loans | 18 or 24 months

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