What Makes 12 Month Loans So Tempting?

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What Makes 12 Month Loans So Tempting?

12 month loans are loans that are available for a shorter term, for competitive rates and are available to most borrowers even if you have bad credit. One of the highlights of a 12 month loan is that you can be assured you can’t get dragged into long term debt which you would be paying back for the rest of your life. This type of loan also offer you more money than a credit card or a payday loan making it perfect for a holiday or a new car.

 

So what makes a short term loan so tempting?

Firstly the low interest rates make it a much more financially sound option compared to taking out a few payday loans. The more money you borrow in a 12 month loan the lower the interest rate or the cost of the loan, perfect for someone who has a steady income but just needs a little financial boost. Secondly you can be assured that they will only last 12 months and can be confident that you only have to repay for up to 1 year – it is still important to consider whether or not you will be able to make each repayment in full and on time, if you can you could find yourself in financial difficulties quickly. Lastly there is the option to pay back the loan early, if you find yourself in that situation there is the opportunity for you to pay back your loan amount early.

 

Are there any alternatives to 12 month loans?

If a 12 month loan is not suited to you there are other options, one being taking out a credit card – one of the most popular being a 0% interest card. With a 0% interest card you will not have to pay back any interest on anything you spend over a certain time period. This will ensure you are not wasting money on interest charges but you are making use of some of the other benefits of credit cards can offer you. The only disadvantage of a credit card is that you will not be able to borrow as much money as a 12 month loan could offer you.

12 month loans are available to both tenants and homeowners in the UK, these loans are shorter term loans offered at competitive rates. Even if you have a bad credit history you could still be approved for a 12 month loan.

Many borrowers are in need of loans to fund certain expenses in life, such as home improvements, vehicle purchase, or a special occasion such as a Wedding. With some unable to commit to a long term loan agreement, a 12 month loan would be an attractive option.

We can find you a 12 month loan and if approved we can offer you an immediate decision. Please note we offer no upfront fees when finding you a 12 month loan and you are under no obligation to proceed once you have received a quote.

 
Article By Beth Gough
 

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