Looking for 12-month payday loans? You’ve come to the right place. Here at My-QuickLoan, we can help you borrow between £100 to £5,000 over 12 monthly repayments. In fact, our application allows you to choose a loan repayment term up to 36 months should you decide that you need a longer repayment term than 12-month loans.
To apply today for 12 month loans, you will need to complete our simple application which has been designed to be as speedy as possible. You will also need to be aged 18 years or above and a UK resident.
Don’t worry if you have bad credit, we can still help those searching for 12 month loans for bad credit. We work with numerous 12 month loans direct lenders to help you get back on your feet, even if you have bad credit.
It’s important that you complete the application form with the correct details, as incorrect details may impact the decision that you are given.
By completely our quick and easy application, we submit your details over 50 + of the UKs direct lenders. This allows you to search the whole market in one application form, within seconds. If you are matched with a 12 month loans direct lender, you will then be re-directed to their website to complete your application.
The whole process from hitting the submit button on our application page, takes minutes to complete. What’s more to love, our service is free to use! That’s right, you won’t pay us any money for using our website.
The amount of interest that you repay on your loan will vary depending on various factors. Your previous credit history is one factor; having a lower credit score will impact the amount of interest you pay back as you are considered a higher risk for borrowing.
The lender rates that we work with vary from 278% APR to 1576% APR. However, the Representative APR (305.9%) is calculated as the average rate of what 51% of our customers will receive. So borrowing £400 over 90 days for instance, the total amount repayable is £561.92 which means you will pay back £161.92 in interest.
If you are pre-approved by a lender, then the lender will perform a credit check if you decide to go ahead. So if you’re looking for 12-month loans no credit check, we regret to say that there is no such thing. Every lender has to perform a credit check, but don’t let that put you off applying as we work with numerous who can still help even if you’ve previously been declined.
Start with the disadvantage as for us we believe these are the most important when applying for instant loans.
- High-interest rates – We all know payday loans have interest rates, usually because these are over a short period of time. However, with a 12-month loan, if you are paying high interest for a long period of time, this will mean you’ll end up paying a lot of interest back. So please look at the repayments and the total amount you have to pay back and see if you can afford it. My Quick Loan recommends paying off the fast loan as soon as possible, the quicker you pay the loan off, this should reduce the amount of interest you pay.
- Long time to keep making the repayments – A lot can happen in 12 months, for instance, you might lose your job and then you’ll still have to make the repayments with no money coming in.
Advantages of taking a short term loan out over 12 months:
- Lowers the monthly repayments – The longer you spread the repayments the lower the monthly repayments will be, making them more manageable. However, as we mentioned above, the longer you take a loan out for, the more interest you will pay.
- Could help improve your credit score – Managing payments over a longer period could help represent your ability to commit to financial agreements – improving your trust with lenders, and your credit score
- Reduce your likelihood of taking out further short term loans – Paying back a lump sum out of your monthly income, could result in shortfalls for your other outgoings such as food etc. making you reach for another loan to tide you over. Managing your payments over a longer and more affordable rate reduces the chances of you getting stuck in a loan cycle.
If you have any further questions that you are not sure of the answer, then head over to our FAQ page where we have answered most of our customers frequently asked questions or head to our payday loan page for more information.