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Representative example: If you borrow £3,250 over 36 months at a Representative rate of 49.9% APR and an annual interest rate of 41.16% (fixed), you would pay 36 instalments of £158.57. The total charge of credit will be £2,464.57 and the total amount payable will be £5,714.67
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 might need a quick cash injection from time to time. That is why it is so important to have a reliable source of credit that could help you out whenever the need arises.
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 could 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 could be a great option to have.
Many lenders offer these loans online. That means that you could 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.
We have lenders on our panel offering 1 year (12 months) loans who don’t require a guarantor and some who do.
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 most lenders websites, you will be able to see your current balance, next repayment date and the total amount you have paid so far.
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 might be easier to manage for the borrower. At the same time, it makes it possible to apply for a larger amount than you would with a one-month loan.
Some of the lenders on our panel are able to make lending decisions and facilitate payouts on the same day as the application is made.
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.
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.