The 12 month loans are generally the small term loans in which the repayment period extends until one year. Sometimes, they are being compared with the payday loans and most of the financial experts found them quite similar to the later ones. It is because you can secure the amount as per your current personal needs and then repay the amount at earliest whenever your salary comes to your account. The interesting thing about the loans is that the borrowers do not have to provide collateral and they can receive the funds within a single business day.
Some of the lenders in the UK are providing the loans with the names of the 12 month payday loans. It means they have configured the features of both the loans into a single finance product. These loans can suit to your financial purposes like the fee submission, paying rent, bill payments and many more.
The main features of the loans are:–
- Worrying about the repayments should not be there because anyone can easily manage them from the regular monthly income.
- The approval and the fund transfer is quick because these are the short term loans, and the lender does not have to verify too much of the borrowers.
- People with bad credit histories can also qualify, as there is no credit check for such a small amount.
- These loans are primarily available for those with regular income, not for the unemployed people.
- The loan application can be submitted online that means no major paperwork is required.
Loans and the Interest Rates
Borrower’s main concern is the interest rates on the loans. They should remember that these are for the small term and thus the interest rates would be expensive than the long-term loans. Choosing the traditional lenders may cost you more in this regard and that is why you need to seek for the help of the direct lenders. A reliable lender always satisfies you with the nominal interest rates that would not put extra burden on your monthly budget.
Major Advantages of 12 Month Payday Loans
Here are the advantages that these loans bring for the loan aspirants:
- During the financial emergency, many small funding issues generated that cause badly to the overall finances. By availing the 12 month payday loans from direct lenders, you can easily handle these issues and bring normalcy in your financial life.
- The online application procedure is another advantage of the loans. These days, the borrowers do not have much time to collect the papers and submit the application with lengthy steps. On the other hand, the online method allows them to apply by sitting at their home or with not much documentation to follow.
- The borrowers also have another exemption in the form of no collateral. They are not bound to offer the security against the loan, as these are the unsecured loans and available only for the small amount. Thus, there is no risk involve when you apply for these loans.
Hence, borrowing funds through the 12 month payday loans can bring multiple advantages for you and it is enough to have a settled financial life.