While most of our customers apply for 3-month payday loans, we also help our customers get 12-month payday loans. Our motive stays to help the eligible customers get personal loans at competitive prices and friendly terms. We offer personal loans of up to £10,000 for duration as long as 5 years, which means you can apply for any amount of loan for any duration up to 5 years. With us, customers can apply for loans per their requirement.
While our APRs vary from 24% to 90%, the actual loan amount, terms, and APRs may vary from application to application and customer's financial history.
Longer repayment period means long-term commitment with the lender. In most of the cases, customers go for short-term payday loans where they repay equal installments over a period of scheduled time. While some companies offer 12-month loans on payday basis, other may offer it on an installment basis. Well, there isn't much of a difference in either. All you have to do is repay the amount back along with interest within stipulated time-frame. A 12-month payday loan means that one has to repay the monthly installment within a short span of next payday. As next payday comes within a month, it is fairly easy for the borrower to pay back the installment.
Of course, because the 12-month payday loan comes under the category of long-term personal loans, it attracts a different (lesser) rate of interest as compared to the short-term personal loans.
Most of the lending companies in UK do not offer 12-month payday loans with a guarantor; however, the loan can be secured or unsecured. This is not the case with us. With us, you need no credit check and no guarantor!
As 12-month payday loan often involves larger amount, a long-term commitment and more scheduled repayments, the seeker must be certain about taking the loan first. In fact, it is true for every loan seeker; the borrower must ascertain as to which type of loan suits them the best.
As the amount involved is larger than the short-term loans along with more scheduled repayments, a far better financial planning is required from the borrower's end. Generally, not all applications for 12-month payday loans get approved, but the candidates with steady income and good credit history are likely to get the loans. Also, someone with experience of budgeting and better credit score is more likely to get the loan approved easily because of his/her capacity to repay in long term.
However, most of our lenders wave off credit check and guarantor for short-term loans; it may not be the same with long-term loans. A lender has to ascertain borrowers' ability to repay very carefully and closely, for there is so much of risk associated with lending money. This is the reason long-term loans may take some time for approval. Furthermore, also there are chances the lenders may charge higher rate of interest from high-risk profiles, thereby trying to balance their risk factor.
Well, this goes for any type of loan, be it short-term or long-term. Any delay in repayment can lead to penalties, late fees, and even credit rating being damaged. The last one, however, is a worst case scenario, but not out of possibility. A borrower must keep a strict account of his finances, including everything made, spent, and saved during every month.