Where to Get a 90 Day Personal Loan

By Jim Hagerty

  • Overview

    A 90-day personal note is a loan commonly given by credit unions, payday loan companies or cash stores. They are also sometimes made by conventional banks. The best way to obtain a 90-day personal loan is to know the best place to obtain the financing and the basics of such loan programs.
    • Step 1

      Call your bank if you have one. Some traditional banks offer 90-day personal loans to clients with good credit and a positive standing with the institution. If your bank does not offer such products, begin contacting the credit unions in your area. Credit unions often specialize in short-term loans. These are also commonly available at cash stores and payday loan outfits; however, they are almost always extremely expensive. Proceed with caution when dealing these types of lenders. It is recommended that you obtain your loan from a bank or credit union.
    • Step 2

      Shop interest rates and terms. It is important to compare products from at least three different lenders when shopping for short-term financing. Common annual percentage rates (APR) on 90-day personal loans generally fall in the 10 to 15 percent range. In most states, amounts on 90-day personal loans are up to around $5,000. Expect to a pay 10 to 15 percent finance charge, which is calculated into the loan. Some state laws have caps on what lenders can charge customers in terms of rates and finance charges.

    • Step 3

      Submit your documentation to your lender. Most lenders do not require collateral to obtain a personal loan. Lending decisions are made solely on the strength of borrowers. Have your bank account, income and other debt information handy when applying. Most lenders will also obtain a copy of your credit report.
    • Step 4

      Begin paying back your loan. After you've received your funds, your lender will provide you with a payment schedule. Some short-term personal loans can be paid back in installments or by one balloon payment at the end of the contract. Some lenders have different guidelines; however, this is generally the rule.
    • Skill: Moderately Easy
    • Ingredients:
    • Personal financial information
    • Checking or savings account
    • Warning:
    • Always make payments on time. Missing payments on short-term, higher-rate loans can result in extremely expensive finance charges and penalties in the future.

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