I Want to Get a 3 Month Payday Loan, What Are My Best Options? Elite Personal Finance

I Want to Get a 3 Month Payday Loan, What Are My Best Options?

EPF Last Update: February 9, 2020

Many people often ask us about the best options to get short-term loans of about 3 to 12 months. Based on extensive customer feedback, we found out that most of these people actually end up getting payday loans…

You need to know that a payday loan is definitely not your best option. As the matter of fact, it is probably the worst thing you can do. If you find yourself in such a situation, this article will help you.

People who get payday loans are usually those who:

  • are looking for a small amount of cash and want to repay it fast
  • have a bad credit score and think that their only option is a payday loan

The quick answer to the question in the title is ‒ avoid payday loans. Instead, get a personal loan.

Here we list some of the best options for the people with bad credit who want short-term loans. If you have a great credit score, we have an even better option. But for now, take a look at our list of some big names loan companies.

Personal Loans

PersonalLoans is one of the best companies for loans. Recently, they significantly extended their network and now your chances to get a loan with them are much higher. The minimum credit score required is 580. But if you can prove that you are in a great financial situation, you can expect loans of up to $35,000. The APR is 5.99% – 35.99%. If they approve you, you should get the loan in one day.


BadCreditLoans is a company that helps people with really bad credit. It is a personal loan company that approves loans to people with very low credit scores. However, you can expect high interest rates and low loan amounts from them. We found that people with really bad credit can get about $1,000 to $3,000. People with bad to fair credit can apply for loans worth up to $5,000. Loans are released fast and the terms range from 3 to 36 months.

Bonus tip: Try to get the loan on longer terms to be sure that you can pay it off on time.


This is one of the biggest names in the loan industry. They accept people with very low credit scores – as low as 500. The company offers almost all types of loans. The APR is 5.99% – 35.99%, and people who are in a better financial situation can expect up to $50,000.


This company offers something like improved payday loans. They target people with really bad credit and their interest rates are high ‒ 99% to 199%, which is above typical personal loans. That is why we recommend this company only to people with a really bad credit score whose only hope is a payday loan. Still, note that payday loans have an APR of 400%, which is still much higher than what this company offers.


This is another company that offers improved payday loans. Again, we recommend it only in case you are sure that you can’t get a personal loan and want a better option. They offer $1,000 loans, but if you pay the amount on time and work with them to improve your credit score, they will stimulate you with a lower interest and better overall terms.

Even if you need a small amount of money and you are sure that you can pay it off fast, it still doesn’t mean that you have to choose a short-term loan. Instead, our tip is to sign the contract for a long-term loan even if you are sure that you can pay the money fast. Sign it for a year or even a few years, and if one day you have the money and there are no prepayment penalty fees, pay off the entire amount and you are good to go.

However, the disadvantage of signing the contract for a longer period of time is that you will probably pay more interest over the same principal amount.

If you want to find the best option, calculate everything! Our calculator will help you find how much you have to pay and make the best decision.

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If you have a bad credit score and you think that payday loans are your only option – you are wrong! Nowadays, there are many personal loan companies that will give you money. Your bad credit score can’t prevent you from getting a loan.

So what if you have a really bad credit score? We truly believe that many people with bad credit scores can get affordable loans, and the companies that we list on our site can help a lot.

But if payday loans are your last resort, then be careful. Before getting a payday loan, make sure that you know what you are doing. These are loans with high interest rates, typically about 400%, but this is not the main problem. The worst thing about payday loans is that you risk getting into a debt cycle if you can’t pay the full amount on time.

Another option would be to get a secured loan or have a cosigner. But again, you have to be careful with these options, because you have to be sure that you can actually pay the amount on time.

Elite Personal Finance

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