12 Month Loans
12 month loans are fast and easy loans designed for quick approval. If you are looking for information on loans with no credit check, payday loans and all other short term loans, then you have come to the right place. These types of loans are usually for amounts under £2,000 but some lenders will offer loans for a little more than this figure. There are both advantages and disavantages for these types of quick and easy loans.
Advantages of One Year Loans
The advantages are that these loans can be quickly approved, sometimes in a matter of a few hours and can be applied for online. The details you need to enter for the loan application are very simple which speeds up the process. For times when you need money to tide you over due to unforeseen circumstances, 12 month loans are an option that can be considered in these cases. For instance if you needed funds to cover a fine that if not paid would incur a large penalty, then it would be an option to borrow for that purpose. Loan interest rates vary on different forms of borrowing, for example credit cards and overdrafts, and should always be compared before a decision to take out these sameday payday loans is taken. Generally speaking the shorter the loan term the higher the rate.
The disadvantages of such short term loans lie mainly in the level of interest that these loans attract. Always check the APR as they can be high with increased rates being very common. Only take out a loan that you are sure you will be able to repay at the date it matures. If you are not able to, there will be penalties added that will increase the amount owing and will also attract further interest charges.
How Do I Apply For A QuickEasy Loan?
One of the reasons that fast loans are so popular is the ease of application. No longer is there paperwork and faxing to go through, it can all be done online in a matter of a few minutes. The amounts you can borrow range from as little as £10 to £2,000 and in some instances even more. It really depends on your circumstances and your ability to repay the loan dependent on your earnings. The loan can be approved very quickly, sometimes within an hour and the funds deposited in your account shortly after. One reason why the lenders are able to process and approve the loan so speedily is that there are no credit checks done and no security is required. For people with a less than perfect credit history, this type of loan is ideal.
What can I use 12 month loans loans for?
You can use the loan for emergency costs like a car breakdown or plumbing problem, or regular bill payments like paying the energy or water bills. Other uses would be to settle a credit card bill or even pay for a holiday offer that might be ending that is too good to pass up.
When do I have to repay my loan?
You can repay the loan you take out anytime from your next payday up until 12 months from the date of borrowing as agreed on the application. There may also be some lenders who are willing to extend the term if you contact them within a reasonable time prior to the repayment date. Communication is important so let the lender know in good time if you anticipate you may have difficulty in settling the loan on the due date. In this way a solution can be found and you will also not suffer any adverse effects on your credit rating. Some lenders will automatically debit your account when the loan is due and others may require a post dated cheque when you take out the loan.
Fast and easy loans are a valuable form of short term finance and although not suitable for everyone, they can be extremely helpful when certain adverse circumstances arise and you need money in a hurry.
Alternatively if you need cash for a shorter term, then guaranteed payday loans or credit union loans are worth considering. The former will usually be for a period up to four weeks and can be quick and easy loans to apply for. Credit union loans may well offer lower rates of interest with a variety of term durations, so for those reasons they may well provide flexibilty with a lower cost.
In the end the decision to take short term payday loans or a 12 month loan depends on what they are needed for, and the decision should ultimately be based on your circumstances and your ability to make the repayments. Like many other forms of borrowing, these loans will suit some people and not others. Where possible seek advice and get as much information at your disposal before making the commitment to proceed.
