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Representative example: £500 borrowed for 90 days. Total amount repayable is £672.60. Interest charged is £172.60, interest rate 140.0% (variable).

12 Month Loans

Although we are constantly advised to keep a reserve fund that will be used to deal with financial emergencies, it’s not always possible to set aside money for those unforeseen situations. Whether you have a fulltime job or a business, you will need a quick cash injection from time to time. That is why it is so important to have a reliable source of credit that will bail you out whenever the need arises.

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Most lenders who offer payday loans expect you to repay within the same month, usually as soon as you receive your next paycheque. However, there is a new alternative for people who may not be in a position pay back a loan within such a short timeframe. If you find yourself in such a situation, you may want to consider the 12-month payday loan.


With a longer repayment period, you can be able to make your payment without putting yourself under too much financial stress. That said, you still need to be disciplined when it comes to your reasons for applying for this loan and how you make your repayments. As long as you are taking it for the right reasons and spending the money responsibly, this is definitely a great option to have.


What is the process of applying for 12-month loans?


Many lenders offer these loans online. That means that you can be able to complete the entire application process from any location. All you need is a smartphone or computer and an internet connection. At the same time, you can be able to apply during any time of the day for the entire week.
In order to qualify for a 12-month payday loan, you must be 18 or older and a UK resident. You also need to have a bank account in which your loan funds will be deposited if your application is approved. Although having a regular income is not one of the requirements, the lender will still check to ascertain your ability to repay the loan.


Can I get a 12-month payday loan if my credit rating is poor?


Generally, credit reports are used by financial institutions to determine whether a borrower is in a position to pay back his or her loan in full. This has prevented many people who have poor credit ratings from accessing credit. However, with the 12-month loan, your application will be approved even if you don’t have a favourable credit rating. This will give you an opportunity to improve your credit score and get future loans at more friendly terms.


Do I need a guarantor to get a 12-month loan?


For this type of loan, no guarantor is required. It is designed for people who need emergency cash and may not have the time to find a guarantor. This is a huge relief for a borrower because it simplifies the entire process and also makes it possible to get the funds within a very short time.


What are the benefits of the 12-month loan?


1.Easy application process
The fact that you can conduct the entire process online makes the entire application process very easy. All you need to do is to provide the lender with your personal and financial details and leave the rest to them. For people with very busy schedules, this is certainly a huge benefit.


2.Easy to manage
Being able to monitor the progress of your loan online throughout its term will ensure that you are always aware of the progress you have made in your efforts to pay it back. On the lending agency’s website, you will be able to see your current balance, next repayment date and the total amount you have paid so far.


3.Manageable instalments
Unlike the traditional payday loan which is paid back on the next payday, this one can be paid in a period of 12 months. That means that the monthly instalments wouldn’t be too much of a burden on the borrower. At the same time, it makes it possible to apply for a larger amount than you would with a one-month loan.


4.Quick processing
In an emergency situation, you can’t afford to wait for days as your application is processed. However, with the online process of the 12-month payday loan, everything can be completed in just a matter of hours and the money credited into your account.


5.Can be used to repair credit
Having a bad credit rating can make it increasingly difficult to access credit from banks and other lending institutions. With the 12-month payday loan, the most important factor that the lender takes into consideration is your ability to repay the loan. Once that is ascertained, the application is approved immediately.


6.Can be used for debt consolidation
Having outstanding loans from multiple lenders can make it very difficult and expensive for you to manage your debt. With a 12-month loan, you can decide to clear all your pending bills and loans and remain with only one outstanding loan which you will repay in 12 months.


How do I get the best 12-month loan offer?


Before you decide to apply for this loan, you should decide how much money you need and how much you can be able to pay comfortably in monthly instalments. You should also have a plan of how you will tackle an unexpected financial problem during the repayment period.


With so many lenders out there, you may want to shop around to find who has the best deal. Social media reputation, history, online reviews are some of the factors that you should consider. Once you settle on a particular lender, you should try to negotiate with them to see if you can get better terms than the ones on offer.


In summary


A 12-month loan can come to your aid when you find yourself in a bad financial position. How much you can take will depend on your ability to repay. The most important thing is to ensure that you take the loan for the right reasons, spend the money wisely and stick to the repayment plan.