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3 Year Loans is a lending service found online at 3YearLoans.com. True to its name, the company provides loans that you pay back within 3 years. Here’s our review.
What is 3 Year Loans?
3 Year Loans is a financing service that promises to make it easy for anyone to get a loan. Like many other short-term lending services found on the internet, 3 Year Loans connects you with lenders that charge high interest rates and fees – including an APR of up to 29.5%.
The company has an interesting marketing campaign: you can get a loan that you’re only required to pay back within 3 years. However, the company cautions that most customers don’t actually qualify for this three year loan. Instead, most customers are presented with a short-term loan with a much shorter payback period.
Fortunately, 3 Year Loans discloses all of this information upfront. The website is clean, easy-to-use, and has all of the supporting documentation that’s legally required of a short-term internet-based lender.
It’s important to note that 3 Year Loans isn’t actually a lender. The company, like many other short-term loan portals online, just connects you with a lender. They take your information, then sell it to the highest bidder.
How Doe 3 Year Loans Work?
So how does 3 Year Loans lend money? Here’s how it works.
Step 1) You enter your zip code into the online entry form. Residents of all states except New York can apply for a loan through 3 Year Loans.
Step 2) You tell 3 Year Loans how much money you need. You can choose amounts from $300 to $1000, going up in $100 increments. You can also select the $1000 or more option.
Step 3) You tell the website the purpose of your loan. Some of the sample options include auto, baby adoption, credit card payments, debt consolidation, major purchase, moving, small business, or vacation.
Step 4) You choose your credit rating from a dropdown list. You can apply to 3 Year Loans even if you have no credit or bad credit.
Step 5) You progress through the loan application form, giving 3 Year Loans virtually all of your personally-identifiable information. Along with the usual information (like date of birth and name), you’ll be asked to provide your license number and Social Security Number. You’ll also need to list your employer, your employer’s phone number, your current address, and the number of years you’ve lived at your current address. All of this information is submitted through the secure online form.
Step 6) Once you get to the final stage of the online form, you’ll be asked to provide your bank account number, your ABA/routing number, and the name of your bank. You’ll also have to agree that you’ve read through all the terms and conditions, that you’re 18 years old, and all of the other legal stuff that’s required.
Step 7) Click the Submit Now button and your application will be processed. 3 Year Loans will process your application right before your eyes. You’ll be able to watch it move forward with a nifty progress bar. The website claims this process takes up to 5 minutes, although our application was completed in about 30 seconds. By the end of the process, you’ll be directed to one of the company’s partners. With my application, I was greeted with offers for a Visa Prepaid Card worth up to $1,000 or a selection of $2500 / $5000 cash loans from various short-term lenders. You can choose to go forward with one of these applications, in which case you’ll be redirected to the website of a lender.
That’s it! that’s how securing a loan with 3 Year Loans works. You’ll want to read through the terms and conditions of your loan offer and pay close attention to the full cost of the loan. All short-term lenders charge exorbitant interest rates. As long as you understand those rates, and the fees associated with not paying the loan back, you won’t be surprised by the final cost of the loan. All short-term lenders must also legally disclose the terms and conditions of these loans upfront – so you can’t get yourself in too much trouble as long as you read carefully and move slowly through your application.
If you decide to exit out of your application for any reason, you’ll be able to return to it at any time simply by going back to the 3 Year Loans main screen.
How Much Does a 3 Year Loans Cost?
3 Year Loans is not a lender. They’re not directly lending you the money. Instead, they’re selling your information to different lenders and then taking a cut.
Each lender charges their own unique rates and fees. These rates and fees vary depending on your credit history and credit rating
Nevertheless, here are some general rules and restrictions regarding the cost of 3 Year Loans products:
-The maximum APR is 29.95%
-Minimum repayment term periods are as short as 6 months and as long as 5 years
-If you apply for a loan of $8,000 at an APR of 29.95 and 48 monthly payments, your monthly payment will be $287.82 and the total cost of your loan will be $13,815.36. You’re paying someone $5,815.36 over 2 years to lend you $8,000.
-If your loan isn’t repaid within the required time, then you might be subject to fees and penalties. Those could include additional finance charges and fees, having the account fall into collections, or the loan negatively impacting your credit history.
Obviously, short-term loans are designed for those in tight situations. Many of these people have bad credit or no credit. Left with no other option, you take a short-term loan from a short-term lender. It’s an expensive option – but it’s something that many people must do to make ends meet.
Who Runs 3 Year Loans?
3 Year Loans is run by a company named Blue Global, LLC, which also does business under the name Blue Global Media. That company is based in Scottsdale, Arizona.
You can get in touch with the company by email at email@example.com.
Blue Global Media has a Better Business Bureau rating of F. The company has a total of 58 complaints and 4 reviews. 100% of the company’s customer reviews have been negative (0% positive or neutral reviews).
You can visit the company’s official website at https://www.blueglobalmedia.com/. At that site, they explain their business model: they drive organic traffic from their own proprietary websites, leading to “one of the highest quality traffic pools anywhere in the industry.”
The company processes over 1 million financial searches each month according to its official website.
Should You Apply for a Loan Through 3 Year Loans?
3 Year Loans is not a lender. It helps customers find lenders. That’s an important difference. 3 Year Loans appears to be similar to most other short-term lending websites on the internet today. It requires you to input lots of personal information and financial information, then sends that information to lenders who can offer you various financial products.
The “3 Year Loans” name is a bit of a gimmick. The company admits that most customers won’t qualify for a 3 year repayment period. For all intents and purposes, this is just another short-term lending website.
Nevertheless, 3 Year Loans is nicer-built than many other lending websites. It also has all of the required legal documentation and fee disclosures – something that’s always appreciated from these types of websites.
If you’re in need of a short-term loan, and you understand the risks, fees, and interest structure, then 3 Year Loans is one of many options available on the internet today.