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Is a 3 month payday loan a good quick cash option

By Matt Mayerle
Modified on January 11, 2024
quick cash loan payday

When it comes to getting cash in a hurry, it may feel like your options are limited. And depending on your credit history and past borrowing habits, that very well may be the case. 


Getting a quick cash loan when you’re dealing with an emergency can be quite a stressful situation. Luckily, CreditNinja is here to help you weigh the pros and cons of your quick cash options.

What is the 3-month payday loan

One common type of quick cash loan that many borrowers are choosing is called a payday loan. You’ve likely heard of these if you’ve ever needed some money in a hurry. But there’s a variation on this classic personal loan called the three-month payday loan. 

Essentially, the three-month payday loan is the same as a regular payday loan, but instead of repaying it after only two weeks, the borrower has three months to pay off the loan plus interest and fees. But is this a good fast-cash option for you and your specific financial situation?

Read on to learn more about the good and the bad aspects of the three-month payday loan!

The Pros

  • These loans may be able to provide you with cash very quickly. This could be ideal for a situation like unexpected medical bills, broken home appliances, or expensive vehicle repairs. With many short-term personal loans, and payday loans in particular, you can usually get cash within a day. This quick access may be super helpful for borrowers in a financial emergency. 
  • You won’t need a perfect credit score to get this type of loan. If you’re a borrower in need of fast cash, but you have a bad credit score, it’s difficult to get the money you need. Many traditional lenders won’t approve customers with poor credit. This makes it difficult to get a bank loan, a mortgage, or even a credit card. But with payday lenders, they tend to approve borrowers with poor credit histories. 

The Cons

  • Payday loans, and even three-month payday loans, carry high interest rates. Because the borrowers who usually rely on these loans have poor credit histories, lenders charge higher interest rates to compensate for the higher amount of risk they’re taking on. A bad credit rating means that the borrower may not be likely to repay the loan. This is why improving your credit score is so important. 
  • Payday loans have to be repaid within a short amount of time. A quick cash option like a normal payday loan usually has to be repaid within about two weeks. Unfortunately, this isn’t a lot of time for the borrower to raise the funds necessary to repay the loan. This is one of the main reasons why a fast cash option like a payday loan can get borrowers into trouble financially. The three-month payday loan can help with this, since you have more time to repay it. But even three months may not be enough time for some borrowers, depending on how much cash they borrowed. 
  • Quick cash loans can sometimes lead to a practice called “rollover.” Rollover is something that the lender might offer you if you’re unable to repay the cash by the due date that was agreed upon. It means that they will extend the term of your quick cash loan, while also adding additional interest and fees. This can make it difficult to pay the loan off, as new fees are added each time you do this. 
  • Payday loans may not help improve your credit score. If the lender you’re working with doesn’t report your on-time payments to the credit bureaus, then your credit score won’t improve. Make sure to ask the lender before signing for the loan whether they report to any of the credit bureaus. 

The Bottom Line

If you’re currently dealing with a financial hardship, and you’re considering a quick cash loan, make sure to explore all of your options before choosing one. Rushing into a fast cash option that you can’t repay could mean a lot more financial hardship in the future. 

CreditNinja knows that there are times when you need quick cash from a reliable source. That’s why we offer personal installment loans with better rates and terms than your average payday loan. And the best part is, that you don’t need to have an excellent credit score in order to be approved for one of our loans. 

Just apply online, get a decision right away, and get the loan you need to get your life back on track. CreditNinja offers the cash you need, at ninja speed!

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