90 Day Bad Credit Loans - A Convenient Hybrid of Bank Loans and Cash Advances

Once a true emergency arises, there is very little time to react to avoid further damage. When cash is needed to cover unexpected spending, such as a car breakdown, medical emergency, heater replacement, and many others, there is often no time to wait. It is good, whether there is money set aside in the savings account or your friends and relatives are willing to help you financially. Otherwise, you may find yourself in a difficult situation.

Traditional banks are very slow in making lending decisions, and very often refuse people with credit problems in the past and cash advance lenders either offer very modest loan amounts, insufficient to cover the expenditures you face, or simply do not give enough time to repay the loan without sacrificing other important things in life. In cases like this, 90-day loans are of great help. 90-day loans are a hybrid of traditional bank loans and payday loans, as they feature lower amounts and shorter terms when compared to bank loans that are still far better than average payday loans that only give a couple of weeks to repay what is borrowed, and almost never exceed $1,000. 90-day loans give you three months to repay and up to $2,500 to borrow.

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The Terms

As mentioned earlier, 90-day loans give borrowers three months to repay. The payment frequency usually depends on the pay frequency of the borrower. For those paid monthly, the loan may be repaid in three installments. For people who get their paychecks on a bi-weekly basis, there are six payments to take care of, and people who are paid every Friday may choose a 12-payment plan. The interest is comparable to regular bad credit loans, as does not result in significant borrowing cost due to the short-term nature of the loan.

The Requirements

The 90-day loan has one great benefit to borrowers - no credit check, making it a perfect choice for people with serious credit problems, such as bankruptcies, defaults, judgments, and so forth. It does not mean, however, that such loans are granted to everybody who walks in the front door: a verifiable source of steady income and a valid checking account are required to qualify for a 90-day loan.

The Process

Obtaining a 90-day loan is very simple. As most lenders perform their operations online, there is even no need to go to the lending office. Application is very simple, consisting of some basic identity and employment information, as well as bank account details, and may be completed entirely online. Upon application receipt, a lender electronically verifies the information on the application, and makes a final decision.

This procedure is very quick, and rarely takes over an hour. Before the loan proceeds are disbursed to the borrower, a loan agreement is signed electronically and repayment pattern is agreed upon. Once all the details are taken care of, the funds are transferred to the bank account of the borrower. Repaying 90-day loans is also easy, as most borrowers elect electronic loan payments that are deducted from their checking account, depending on their pay frequency.

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