What are 12 Month Loans?
These are essentially short-term, unsecured personal loans, that can be repaid in a span of 1 year.
Conventionally, short-term loans were given out for just one to three months. However, with changing consumer demands, lenders now readily offer these high-cost loans for a period of up to one year.
The 12-month loans are designed such that the borrower can repay the amount in 12 equal monthly installments. Both, the loan amount, as well as the tenure of the loan, can be chosen by the borrower.
Can I get a 12 Month's Loan with Bad Credit?
A vast majority of lenders prefer to offer loans to individuals with a good credit scores. Thankfully, times are changing, lenders are beginning to understand that the credit score alone cannot determine the overall financial standing of an individual.
Hence, these lenders look at more holistic factors such as the repayment ability of the borrower, and their overall personal finance management. If the borrower seems responsible enough, lenders are often willing to offer them a 12-month loan, although usually at a higher rate of interest.
So, it is possible for you to get a 12-month loan, even with a bad credit history. In fact, if you repay the loan on time, and in full your credit score can significantly improve.
How can I get a 12 Month's loan?
- Tell Us About You
- Get the decision
- Loan disbursal
A personal loan is a type of credit paid to a singular person for their own use, as opposed to a business loan. The loan is made directly from a lender to an individual’s bank
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FAQs on Loans for 12 Months
Find Homeowner Loan – With Loan Broker
Loan Broker is an FCA registered credit broker that operates across the major cities of the UK. All the lenders associated with it are also authorised by the financial regulator. The mission is to promote responsible lending and hence, our lenders perform soft credit checks to offer initial quotes. Soft credit checks are safe as they do not leave any footprint on your credit report and doesn’t even harm your credit report.
We do not charge any upfront fees to our consumers. We offer an array of unsecured loans such as – debt consolidation loans, self-employed loans, to help borrowers get back on their financial track. As a credit broker, we help our borrowers to find the right lender by considering their requirements. With Loan Broker by your side, you can choose no obligation loans. We are loan brokers, committed to extending a true hand of help for borrowers seeking hassle-free, and affordable loans despite bad credit rating.
Borrow responsibly and repay timely.