Where to Get a 90-Day Personal Loan Safely

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A short-term loan such as a 90-day personal loan can be helpful, an important way for consumers to cover expenses or make a purchase. The upside to these types of loans is that they are paid off within three months' time. But the downside is that a 90-day personal loan can carry a higher interest rate and be difficult to find through your local bank.


Let's take a look at lenders who can provide a 90-day personal loan safely, without worry that you might get ripped off.

Commercial Banks

  • Your current bank or a competing financial institution may be willing to extend to you a short-term loan. In most cases you must have good credit in order to qualify and you may have to put up collateral to secure the loan. Visit AnnualCreditReport.com to obtain free copies of your credit report and pay to obtain your credit scores, information you will need when looking for a loan. Contact locals banks to see what sort of loan offerings are available to you.

Credit Unions

  • As a cooperative financial institution where depositors are members and have voting privileges, credit unions are in tune to the needs of the community. Because they are not for-profit enterprises, credit union lending rates are usually more favorable than commercial banks. In addition, some credit unions offer short-term loans at favorable interest rates. Contact your credit union for more information or, if you don't belong to one, learn if you are eligible for membership. Obtain loan information from a representative, comparing loan terms and interest rates with other lenders.

Payday Lenders

  • Many consumers have heard of payday loans, which are sometimes known as cash advance loans. The way these loans work is that lenders offer eligible borrowers cash for seven to 14 days at exorbitantly high interest rates. Oftentimes a separate fee is charged and if you fail to pay your loan back on time, your loan may roll over for additional fees and interest charges. Some payday lenders offer loans for as long as 90 days, but their rates are significantly higher than what banks and credit unions charge. Although you may safely borrow money, you could have a very difficult time repaying this kind of loan. Avoid this option if you can.

Conclusion

  • When borrowing funds, stay with a reputable lender who charges a competitive rate. Payday loans charge very high interest rates, which are often obscured by the loan terms. If you're that desperate for money, you'd do better borrowing the money from a friend or a relative. Regarding payday loans, Rachel Schneider, innovation director at the Center for Financial Services Innovation, has stated, "People are always damaged by these products. ... This can be the thing that pushes them over the brink."

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