What can I expect from a 12 month loan?
If you’re looking for a 12 month loan, you may be looking to consolidate a number of smaller loans to reduce the cost of your monthly repayments or to borrow higher loan amounts. Either way, it’s a good idea to get the facts straight before you apply.
Various lenders offer 12 month loans are typically for anything from £100 to £5,000. You can apply for a loan and receive your funds online without having to visit a branch. Depending on your credit history, how affordable the loan is for you and the lender you’re applying to, your funds could be in your account within the same day of application. If approved some lenders advertise payout times as quick as 15 minutes.
What direct lenders in the UK offer 12 month loans?
There are a variety of lenders in the UK that offer loans repaid over 12 months. This may include your local bank, but also a range of alternative options, such as guarantor loans. Each direct lender will have their own set of criteria and will specialise in catering for applicants with a specific set of circumstances. By completing a loan search through Choose Wisely you can easily compare the best 12 month loan options for you.
Can I get a 12 Month Loan with Bad Credit?
Although more expensive than the rates offered by the banks and supermarkets, there are bad credit 12 month loan options out there, just make sure you meet their criteria and that you can afford the repayments before committing. Overstretching your finances means you’ll be more vulnerable to falling behind on your repayments which can cause serious money problems.
Can I pay back the loan early?
Some lenders will let you pay back your loan early, without charging you any fees. If this is the case, you could save money by over-paying each month or by settling early. However, some may have fees or other restrictions for early repayment. Bottom line, if you’re planning to repay your loan early, check with your lender before you apply.
FAQ's for 1 year loans
When you apply for a loan, whatever the terms, you will almost always be subject to a credit check. This is so lenders can understand how you’ve managed credit in the past and the risks involved with lending to you.
Yes. There are a number of lenders that provide loans repaid over a 12 month period that don’t need to be supported by a guarantor. Approval will depend on a number of factors, such as your credit history.