Who are 12 Month Loans For?
One of the easiest unsecured loans to apply for in UK today, aside from payday loans, is the 12 month loan options. It is an ideal choice if you've been turned once, twice or more times by banks and major lenders.
With a 12-month loan, the requirements are minimal and most people can meet it without hassles. First of all, you need to be of legal age (at least 18 years of age) and a resident of UK. Since the loan is unsecured, you don't have to worry about putting up an asset as security. All you really need to make sure is to provide proof of identification, proof of employment and maybe one of your recent bills when requested.
If you have bad credit, that's not a problem to worry about. Even though lenders conduct credit checks and there's a possibility that you may fail, it won't instantly affect your approval. If you can provide a qualified guarantor to back you up and reduce the risk for your lender, you can rest assured that you'll get approved for a 12 month loan.
At the end of the day, it's just about meeting the basic requirements and proving that you can afford to repay the loan over a 12-month period.