While there are other types of unsecured and fast loans to apply for when you're in a financial snitch, 12 month loans look like they're the ideal option for your specific monetary woes. Though more expensive than conventional loans, it also comes with a number of advantages that puts in a better position than the like of payday loans.
With more and more lenders offering the financial product, applying for a 12 month loan is never easier. All you have to do is find a good lender offering good deals then apply through that said lender's online portal.
And since the requirements are minimal also, you can apply from the comforts of home and wait for approval the same way. You'll just simply need to provide proof that you can afford the loan make regular repayments for 12 months. If you can do that, approval should be breeze.
Most lenders are now offering same day approval seeing that consumers value convenience and fast processing more than anything else. To keep up with the competition, good lenders are always aiming to process application as fast as they can. Once approved, the money is sent immediately which means borrowers can expect it in their account within the same day.
Because the loan is unsecured, the loan is smaller than secured loans. Compared with other unsecured options like payday loans, however, 12 month loans offer a more flexible amount starting from £600 up to £2,000. The maximum amount is twice than what payday loan offers. The repayment term is also longer giving borrowers more time to repay the borrowed money. It also means that the monthly due is smaller hence more manageable to fit in with your budget.
Unlike other lenders who promise no credit check loans, 12 month loans lenders do not go down that level. Instead of luring consumers with easy money, lenders make sure that the borrower can afford the loan first and foremost. If you happen to fail the credit check, do not worry because lenders have another alternative for you.
With 12 month loans, failed credit checks do not necessarily mean disapproval. To get around the problem, you can guarantor, one who has good credit history and is willing to back you up in the event that you fail to make repayments for any reason.