What are 12 month loans?
12-month loans are unsecured personal loans you can obtain for any short-term purpose, and are repaid over 12 months. This 1-year loan helps you to beat sudden expenses that crop up when you are financially unprepared.
Receive a lump sum upfront on approval. Quickloanslender is ready to help you get a suitable amount that you can repay easily through equal monthly payments. Get pre-approved to see if the offered loan proposal matches your financial potential.
The repayments are going to be more manageable and budget-friendly. Apart from portioning out repayments, use 12-month loans for emergencies smartly. This financing option can provide an affordable and structured solution to the financial problem you have been facing.
Getting £1000 as a 12-month loan on instant approval, subject to affordability checks. Therefore, you must select the borrowing amount carefully.
What can I use an instant 12-month loan for?
Unplanned payouts are difficult to handle when your cash reserve cannot sponsor them. However, you can opt for this one year loan for short-term borrowing. The top uses of 12-month instalment loans are:
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Emergency repairs: The breakdown of the boiler often comes as a sudden event. These emergency loans can be extremely helpful in this situation. A 12 month loan for car repair can let you spread the cost and address the issue on the spot.
Debt consolidation: Clubbing together small debts and paying them off at once is impossible to achieve until you consider getting a loan. This funding solution allows you to treat multiple unpaid dues at the same time.
Everyday cash gaps: At times, some essential purchases cannot be kept waiting, but you are dealing with a funds shortage. An increased electricity bill should be paid off before you can take measures to control your consumption. Use a 12 month loan for bills payment to navigate such cash gaps.
Improving the home: Unexpected bathroom repair costs can make you restless. You can find a way to deal with unknown problems with the help of these loans. Ideally, any small repair work cost can be managed with these loans.
Travel plans: Last-minute travel plans require you to arrange funds suddenly. Most people do not have enough funds to cover the travel costs. They end up cancelling the trip. This is not going to happen with you, as this 1-year personal loan within your reach now.
A 12 month instalment loan is not tied to a particular purpose. You can use the loan money for any urgent or unavoidable necessity without worrying about repayments. The tenure for loan payment spreads over the year, thereby making it suitable to manage.
How does taking out a 12-month loan actually work?
You can apply for a 12-month personal loan online in the UK. No hefty procedures, only a few virtual steps should be completed. Affordability checks will be performed to verify if you are financially prepared to bear the burden of loan payments.
These loans have been structured to downsize the pressure of repayments. For this reason, a flexible repayment is planned so that payments are divided equally.
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Can I qualify for a 1-year loan?
Eligibility for a 12-month loan in the UK are that you:
- Are at least 18 years old
- Are you a permanent UK citizen
- Have a regular income stream (job, self-employment or benefits)
- Have an active bank account that accepts money
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Which documents do I need to submit?
Quickloanslender needs a few basic proofs while you are applying for these loans. These are:
- Passport or driving license as proof of your identity
- Utility bills or tenancy agreement as address proof
- Payslips or benefit statements as income proof
- Bank statements to understand your current financial dealings
Usually, we verify your details electronically. In case if we require additional document, we may ask you later.
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What will be the typical interest rates on given repayment terms?
The responsible factors influencing the cost of a 12-month loan are your credit records, loan amount, your income and affordability. You need to closely understand these factors to get 12-month loans with low interest rates.
A few things to understand how the borrowing cost varies accordingly to this given 1-year duration.
- 12 month loan APR will typically vary from 12% (for good credit) to 99% (for bad credit)
- Monthly payments will be the same as repayments are fixed
- There will be 12 instalments you have to cover till the term ends
- A larger amount might attract higher interest rates
- Lower APR will make the way for more affordable repayments
You can use the 12-month loan repayment calculator to figure out the total repayable amount, monthly payments and overall interest rates. This calculation can help you choose a suitable loan offer according to your budget.
What are the alternatives to 12 month loans?
This funding solution provides a flexible way to borrow money. However, they might not suit everyone’s financial circumstances. You might want to look for an alternative, as you are unable to get the best 12-month loan rates with bad credit. Here are a few options that can turn out to be cost-effective and convenient.
- 3-month loans: This financing option comes with a shorter repayment window when you want to clear the balance quickly and can afford higher payments.
- 6-month loans: When you need a slightly longer but not more than 6 months, these loans can be a perfect way to borrow and manage emergencies.
- £2000 loans: Again, the loan amount offered with a 1-year loan might not match your expectations. When you require 2000 pounds, these loans are for you.
- Small loans: When you want the borrowing range and repayment terms to be customised according to your requirements, you can opt for these loans.
- Quick loans: When you want to get quick 12-month loans on the same day, we can help you get a personalised loan offer with these loans.
How 12 month loans compare to payday loans?
You cannot get 12-month instant payday loans from a direct lender, as these loans should be paid back within a month. Therefore, stretching repayments is not going to be possible. This is the biggest difference between these two loans, and there are more you must note.
| Payday loans | Loans for a 12-month term |
|---|---|
| Usually, rates of interest are high | Lower and competitive rates are obtainable |
| Getting up to £1000 might be possible | They offer a flexible borrowing range |
| Immediate repayment has to happen within a month. | 12 month loan repayments are smaller, as they are spread over months |
| Financial pressure to repay is huge | Financial pressure is manageable |
| A steady income from a job is mandatory | Any form of verifiable income will be acceptable |
| Very expensive because of high interest | More cost-effective in the long run |
With a payday loan, the risk of getting stuck with rollover debts is high. Therefore, if you want to experience a sustainable form of borrowing, then the other option is preferably the best for you.
Is it possible for me to get a 12-month loan with bad credit?
Yes, you can get 12-month loans for bad credit in the UK based on your current affordability. Low credit scores do not directly disqualify you. We will look into aspects like your income stability, spending habits, and potential to repay loans within the specified term.
Your poor credit will not create any problem if you take care of the following aspects:
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Produce proof of regular income
Qualifying for 1 year loans for bad credit is possible if you can show proof of any form of earnings, like employment, self-employment, benefits, etc. This is needed to demonstrate your capacity to repay.
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Share accurate financial details
You must be transparent about your income, expenses and debts. Do not hide essential information that can help us validate your ongoing financial ability. This helps in enhancing the chances of approval.
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Opt for a smaller amount
When your credit scores are not favourable, it is not suitable for you to choose a larger loan amount. As lending risk is high, getting approval will not be possible. With smaller amounts, repayments are going to be more affordable.
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Improve your banking behaviour
Avoid taking out overdrafts and try to meet the unpaid dues as much as possible. This will improve your financial situation. Besides, you will be able to free up cash that can be used to pay back loans within the given time frame.
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Offer a guarantor
To get loans on higher approval, you will need to show good credit scores. When your credit scores are questionable, and you need immediate financial help, it would be better for you to produce a guarantor. They should have favourable credit scores with steady income and should be willing to help you support loan payments.
You can get pre-approved for a 1-year loan with a soft credit check. Upfront hard assessment is not necessary when you are pre-qualifying. Once you accept the loan offer, we will carry out a hard check before paying out funds.
How to apply for 12 month loans online?
Easy and speedy steps are included in the application procedure. The entire process is going to take a few minutes to complete. You can use your phone or laptop to apply for these loans online in just a few simple steps.
Step 1-> Start the online application by providing your basic personal and financial details.
Step 2-> Select the loan amount and confirm that the 12-month repayment period is suitable for you.
Step 3-> Submit all the necessary documents required to prove you are eligible.
Step 4-> Go through soft affordability checks to pre-qualify for the free quotation.
Step 5-> Review the loan offer for the amount and interest rates offered.
Step 6-> Sign the loan agreement if the terms and conditions are favourable.
Step 7-> Receive the loan amount directly transferred into your bank account.
What are the advantages and disadvantages of 12-month loans?
If you want a balanced way to borrow money, this is where you should search. These loans are a perfect borrowing opportunity that does not lock you into long-term debt. Nevertheless, every loan comes with some pros and cons that you should know before the final decision is made.
| Advantages | Disadvantages | Solutions |
|---|---|---|
| Get instant 12 month loans from a direct lender | Choosing a random offer is a possibility | Take your time to review loan offers |
| Smaller payments for every month | Interest rates might increase because of a 1-year term | Compare and choose an offer with a suitable duration |
| Fixed instalments are helpful with budgeting | Missing payments will make you pay late fees | Plan loan payments carefully and keep monitoring them |
| They are obtainable as unsecured loans with no collateral | Getting a larger loan amount will be impossible | Choose these loans when your requirements are smaller |
| You can get 12-month loans with no guarantor on the same day | Poor credit can increase your difficulty | Understand your requirements and preferences before applying for loans |
Are 12 month loans the right choice for me?
Validate if these loans are a practical borrowing solution for you or not. Deals advertising with the “best 12-month loans with no credit check” might not be the wisest option because credit assessment is mandatory. An overall evaluation of all the factors is necessary as it helps you to make sure that these loans are the right choice for you.
This funding solution is suitable if you:
- Prefer having fixed repayments that extend up to 1 year
- Need funds to handle emergency expenses, plug short-term cash gaps
- Want a budget-friendly loan option instead of a payday loan
- Can comfortably pass affordability checks
- Do not require taking out further funds any time soon
Why choose Quickloanslender for 12-month loans?
We do not want you to make any decision without understanding how we work. Our terms and conditions are transparent, and you can get a glimpse of them easily. We promise that we will let you get 12 month loan with no fees.
Get to know us more in the following manner.
- Analyse the fee structure we provide to understand how we charge rates
- Rest assured about the privacy of your details, as high-level encryption is used by us
- Take advantage of our 24X7 availability to clarify your confusion and apply for loans
- Get repayment terms tailored to your situation and based on your preferences
- A speedy decision is made when everything is fine in your application
- Receive funds without delay and directly in your checking account