For A Loan Over 12 Months
The United Kingdom has recently started to exit a pronounced recession, but even though we are starting to see the beginnings of a recovery, many individuals are still not able to secure the finance necessary to make ends meet and lead their daily lives in financial stability. Unfortunately, these very same consumers may also have poor credit; meaning their ability to secure a loan from a bank or main stream lender remains low. Thankfully, there are other options available.
There are now lenders available offering 12 month loans to clients looking to get their finances back in order. These lenders will asses the customer’s ability to repay the loan at the quoted interest rate, and review circumstances as they stand now. This is great news for people who may have had credit issues in the past, and it gives them a better chance of being accepted for the loan they need.
If you think you need a loan for twelve months, as always, it is vital you know you can afford the repayments. Paying back in full and on time will start rebuild your damaged credit rating and give you the best chance of being accepted for better rates in the future. The interest rates you have access to now will be higher than the high street, but can still be a good tool in getting you back on your feet as long as it is affordable to you. Apply today using the form below and see if Easy Loans Company can help to find the solution for you.
Let us look at the some of the primary features of a 12 month loan, including what you can expect if you decide to apply.
One of the advantages of this type of loan is that the approval process is often quick and easy. In fact, as long as no further information is needed to process your application, most will be approved online in a matter of hours or even minutes. This is where 12 month loans differ to more formal funding such as those provided by a bank. These will often require lengthy manual credit checks and longer processing times. Online twelve month cash advance lenders will gather most of the information required electronically, including verifying your application details against your credit report instantly.
The nature of funding for 12 months means that the finance offers regular instalment options. The money owed will generally by directly debited from your debit card on a monthly basis. This will streamline the payment process and help to ensure that the borrower does not forget when a payment is due. An instalment plan will aid in avoiding late fees and higher interest rates, as it will be one fixed monthly amount, on a fixed date every month, allowing for effective budgeting.
Obviously, the interest rates attached to 12 months loans for bad credit will be noticeably higher when compared to more traditional loans through a bank or other mainstream financial institution. This is due to the fact that the borrower may be at a higher risk of defaulting and therefore, the lender will need to charge more for purposes of financial protection. Still, these rates are clearly defined during the approval process and the customer will always be made aware of the overall cost of the loan well before the money is sent. It’s important to read through your credit agreement before deciding to go ahead with the loan. Make sure you are comfortable with the overall cost of the loan, and that you can afford the payment both now, and in the future.
Choosing a Lender
There are a range of lenders offering 12 month loans in the market, all with different lending criteria and interest rates. Using a broker who has access to a panel of lenders specialising in 12 month loans may give you the best chance of finding the correct solution for you. They will search the market for you and get a decision on whether you qualify for the finance. Apply today with EasyLoansCompany.co.uk and we’ll get to work for you…
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