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3 month payday loans are becoming increasingly popular that shifts away from the traditional monthly setup. Rather than pay a hefty lump sum in one go, these extended terms will stretch out the repayments that should help customers to keep on top of their finances. The usual route has always been to rollover a loan that would commonly attract a further interest charge. Per £100 this would commonly be £30 for each new month. These newer 3 month payday loans work out much cheaper than taking extensions. Wizz Cash and Zebit for example provide around a 15% monthly rate that is essentially chopping the 30% rollover in half. Oakam even cuts down the charge to 12.5%. In comparison, the 6 month lenders tend to charge 20% each month.

Compare 3 Month Payday Loans…

Oakam (2006)

Account login and SSL: No
Available: £200 to £600
Interest: 12.5% monthly
Total 3 Month Charge: £37.50 per £100 (£12.50 monthly)
Transfer: Free for same day funding
Term: 3, 4, 5 or 6 months
Trade Association: No

+ Best price for same day loan
+ Free same day transfer
+ Most experienced service (2006)
+ Other than the headlined Oakam Bonus Loan they offer the Big Plus Loan
+ Terms can as you can see be stretched to further months
– Must verify by phone or head to a store
– No £100 possible
– No account login and SSL
– No membership

Wizz Cash (2012)

Account login and SSL: Yes
Available: £200 to £300 (£1000)
Interest: 15.33% monthly
Total 3 Month Charge: £46 per £100 (£15.33 monthly)
Transfer: Free for same day funding
Term: 3 months
Trade Association: CCTA members

+ 2nd Best price for same day loan
+ Free same day transfer
+ Largest figure of £1000 possible (existing customers)
– Must contact employer
– No £100 possible
– Relatively new service

Zebit (2011)

Account login and SSL: Yes
Available: £50 to £800
Interest: 15.47% monthly
Total 3 Month Charge: £46.40 per £100 (£15.47 monthly)
Transfer: Free for same day funding
Term: 7 days to 7 months
Trade Association: No

+ Free same day transfer
+ Terms are highly flexible here and you can repay early at any time
+ They provide a cashback incentive when you repay on time
– Example assumes you repay weekly. Monthly repayments would be £53.69 (£17.90 monthly)
– No membership

Landa Loan (2012)

Account login and SSL: No
Available: £100 to £500
Interest: 26.7% monthly
Total 3 Month Charge: £80.10 per £100 (£26.70 monthly)
Transfer: Free or (figure not stated) for same day funding
Term: 1, 2 or 3 months
Trade Association: No

+ Flexible option to select the month
– No account login or SSL
– No membership
– Relatively new service

Notes:
– Most of these companies offer same day funding free of charge. Landa Loan aren’t specific about their cost, but I assume they discount this from the funds sent.
– SafeLoans do offer 3 month loans, but suit shorter term durations.
– As noted in the previous comparison posting, any lenders providing doorstep, guarantor or logbook loans will be catered in separate postings.