- February 29, 2016
- Mark Elwes
12 month installment loans – A good option for bad times
There are several options available when it comes to availing the option of 12 month installment loans. The loans can be derived from banks, financial institutions and high street lenders. But does it serve the purpose for which it is applied for? When there are no funds available and you are left with no other alternative, you tend to seek funds that comply with your prevailing circumstances. No matter what, the loans derived are basically meant to deal with the various needs and demands and this is one aspect that can’t be ignored.
Deriving the 12 month installment loans is not much of an issue, as the lenders never ask for any assurance in the form of collateral. This is beneficial for applicants who are not in any position to provide any form of security. The past credit history is not much of any concern for the lender. On the contrary, the lenders make it a point to release the funds by assessing the present condition and whether the loan applicant is in a position to make the repayments on time or not.
Pre- requisites to attain the loans
As far as the eligibility criteria are concerned, all that you need to have is a fixed monthly income, apart from being a resident of UK. Other than these, the age attained should be more than 18 years. For the transaction to take place, a bank account is also very much necessary.
A much sought after loan alternative
Once the amount is released, it is then deposited in to your bank account. Now, you have all the freedom to make use of the loans. While the interest rate appears to be marginally low, you have to make sure to pay the instalments, within the allotted time period. Since you are required to make the payments in installments, there is not much of any burden. However, prior to the availing of the loans, it would do you a lot good, if you do consider making a proper research. This in turn will enable you to derive the loans against more suitable terms. ‘
With 12 month installment loans, there is less amount of burden and more freedom. The idea is to make proper use of the loans and you will never have to worry much.
Mark Elwes is the Editor-in-Chief at Extramilefinance. He is a notable member of the content strategy team since his joining in 2017. Driven by his fondness for the finance industry, he has spent years gathering as much knowledge as possible about various financial products that include loans also. Previously, Mark worked as a senior journalist writer with experience in writing blogs and articles.
