12 Month Loans

When you are in a financial crisis and are in need of some extra cash to take care of it, you can make use of 12 month loans. These loans are short-term loans which are provided by lenders from the UK. As the name suggests this loan run for a period of 12 months or less than that.

You can borrow a 12 month loan when your car has broken down and needs a quick repair. Most people use it to cover their pending bills, and for any house fixes.

You can also borrow this loan for a little weekend get together with your relatives or for your kid’s science fair project. The situation in which you can borrow 12 month short term loans depends on how much money you need exactly. As these loans are of low value, you cannot borrow a hefty amount which you otherwise could have borrowed from a long term personal loan. So, apply for a 12 month loan keeping this thing in mind.

How Much Exactly Can I Borrow From a 12 Month Loan?

There isn’t an exact amount that you can buy for 12 month loans. This amount may vary between lenders as they all have different criteria to lend money. If one lender rejects your loan application other might accept it. So don’t forget to shop around before applying for 12 month loans for the best deal for you.

The average amount that most of the lenders provide a 12 month loan for ranges between £100 – £3,000. So if your money requirement fits around this range you can borrow from these loans.

Can I Borrow 12 Months Loans for Bad Credit?

Most of the people in the UK have a bad credit score. Having a bad credit score can decrease your chances of getting accepted for a loan. But now you can get 12 month loans for bad credit as well. Lenders now have started out providing a small loan to people with bad credit. They understand your need for money and your urgency irrespective of your credit history.

However, when you have a bad credit, lenders charge you with a high APR. This is because they are at risk here providing you with a loan without any security. They can lose their money if you default on a loan.

Am I Eligible for 12 Month Loans?

You can apply for a 12 month loan if you;

• Are a citizen of the UK
• Are 18 years and above in age
• Have an active UK bank account
• Are in employment
• Have an active phone number

Make sure you fit in all the above-mentioned criteria to be eligible for 12 months.

Read More:
What are holiday loans?