Payday Loans, in general, are described as short term loans having very short repayment periods which come to a few months only or so. Payday Loans as such are for people who are in need of immediate financial assistance and want to borrow money only for a short period of time. However, in some cases, some people wish to borrow money for longer periods of time but do not want to approach traditional financial institutions like banks. This is when 12-month Payday Loans comes in, and just as the name suggests, this Payday Loan has a repayment period of 12 Months.
Applying online for a 12 Month Payday Loans is an easy and straightforward process. Most lenders have applications which are available online for 24 hours a day and seven days a week. This allows individuals to apply for a 12-month payday loan conveniently in the comforts of their home using online services with the help of a PC or a smartphone.
A 12 Month Payday Loan as such fits best for people, who are in need of large sums of money, can keep up with a long term commitment, and who can handle scheduled repayments over the course of 12 months. As such a person applying for a 12-month Payday Loan requires a lot of financial planning, must possess knowledge of budgeting while also holding a job with a consistent and steady income.
Some of the necessities for an individual to apply for a loan are, the customers must be 18 years or more, possess a bank account, hold a stable job, and is a permanent resident of the United Kingdom. The above details are required so as to ensure that you have a job with a stable income and can repay the loan within the set period. After the provided information is verified the loan can be decided within 30 minutes or less. If your online application gets approved, the loan amount is deposited directly to your bank account after a few minutes.
One thing to keep in mind about 12 Month Payday Loans is that they generally have higher interest rates compared to short term loans and their terms and conditions also differ in some ways. The interest rate that is charged will vary from lender to lender and also tends to be based on the credit history of the customer. Lenders often charge higher interest rates on individuals with bad credit history because of the added risks and vice-versa. Therefore, the interest rates should always be taken into account while searching for a lender.
12 Month Payday Loans though may possess a number of setbacks, however is considered as one of the best alternatives to traditional long term loans. This is because it is simple and easy to apply for, securing it is also relatively quick and hassle-free and there is no need for any collateral or upfront like the other lenders. The decision to apply for a 12 Month Pay Day Loan should be well thought out and planned, so as to appease your financial burden in a practical manner without falling into further financial downfalls.