When people are in a short-term financial bind, they often apply for payday loans. These provide quicker funding than is possible with most loans bank-issued. However, due to this feature they are often not the loans cheapest for people who have decent credit.
In addition, they usually must be repaid by the next payday or within no longer than 31 days.
For people unable to repay borrowed money that quickly, there are 12-month loans. These provide quick funding for reasons such as to consolidate debt. Unlike payday loans, they do not need to be repaid within a short period. Borrowers receive fast access to the needed cash but can take up to one year to repay the loan.
Online lenders provide a free, no obligation online application. Applicants can request between £80 and £1,500 per loan. The amount approved is based on the financial situation and repayment ability of the applicant.
Once the application is submitted, the lender verifies the details provided and if all information is acceptable, a fast approval is granted. There is no additional documentation to complete and fax to the lender.
Following loan approval, it takes only 24 hours for the money to be deposited into the bank account of the borrower. The money can be used for various purposes, like home improvement, medical expenses, tuition, or utility bills.
The 12-month loans apr is slightly higher than that of conventional loans offered by banks, due to the loan term.
These are no credit check loans, which makes them attractive to people with poor credit. Situations like a late, overdue, or missed payment, CCJ, IVA, bankruptcy, or even foreclosure will not prevent an applicant from being approved for a 12-month loan.
This type of funding is suitable for anyone who needs money quickly and wants up to one year to repay it.
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