With numerous loan deals to compare and lenders to choose from, applying for a 12 month loan may not be as simple as it seems. If you want to get the best deals available in the market today, you may need to research and scout the market thoroughly. For beginners, this can be difficult feat but not to worry. Below are some insider tips you can use when applying for a 12 month loan.
If you want the best deals on anything, the best way to do it is to shop around, make comparisons and maybe haggle a little. The same is true with 12 month loans although you can't really haggle with the interest rate but you can push for a more favorable term.
When shopping around, some of the things to closely look at are the loan amount, customer service and lender's reputation. Doing so will help you land a good deal with a lender that offers fair and reasonable interest rate. To make shopping around easier, you can use comparison sites like Money Co UK.
Another effective way to trim your choices down to the best available options in the market is by asking around. If you know family or friends who've already applied for 12 month loans before, ask them which lender they transacted with. If they recommend the same company they borrowed from that only means one thing, they were satisfied with the service and the rate. That will also cut down the work for you seeing that you don't have to shop around anymore.
Asking around is perfect if you don't have ample time to spare for shopping around. It is also your best bet if you need the money quick like within the day.
If you're down to the top three deals but have no idea which one to pick, you should make your decision based on the 12 month loans' Representative APR. The APR or otherwise known as the annual percentage rate is the best tool to gauge the real cost of the loan. It represents the actually yearly cost of the loan including other fees and charges which also mean that the lower the APR, the cheaper or the more affordable the 12 month loan is.
Just don't forget to read the fine print further once you've decided. The fine print will tell if there are more fees and charges that you need to know about before the deal is closed.