Borrowing Loans for 12 Months
What is a 12-month loan?
A 12-month loan is a short-term loan, which is borrowed and repaid within a fixed period of 12 months. Applicants will repay the money borrowed in fixed monthly instalments in addition to any interest or fees issued by the lender.
How much can I borrow?
Typically, with 12-month loans, because of the loan term, you can borrow more than a payday loan. At Multi Month Loans you can borrow £100 to £5,000 over a period of 12 months.
What can I use a 12-month loan for?
12-month loans can cover the costs of things such as unexpected bills, home improvements and repairs, appliance replacements or of the consolidation of smaller debts.
Can I borrow for less time?
If you want to repay your loan amount in less than 12 months, it’s no problem. At Multi Month Loans we offer loans for flexible repayment periods, anywhere from 1 to 24 months. So whether you wish to borrow until your next payday or 6 months, we can accommodate you.
How can I apply for a 12-month loan?
12-month loans are offered by a variety of different lenders, such as short-term loan lenders, banks and building societies and some payday lenders, meaning that there are a number of different ways that you can apply.
To apply for a loan with Multi Month Loans, all you will need to do is to fill out an online application form with some personal and financial details. Once your application has been submitted and approved by a lender, you could receive your loan in as little as 24 hours.
Multi Month Loans are a credit broker, consciously helping you to find the best deal available on the short term loans market.
Can I still get a loan if I have bad credit?
If you’ve got a less than perfect credit rating, then you may be wondering whether you’re suitable to borrow a 12-month loan or if you’re likely to be rejected.
Instead of looking purely performing credit checks and looking at your credit history when deciding whether or not you are suitable, lenders of 12-month loans will also take into account things such as affordability in relation to the amount you wish to borrow.
However, borrowers with poor credit may have to pay higher rates of interest than those who have a perfect credit report - your loan rate will be determined after a credit search has been performed by the lender.
At Multi Month Loans, we can help applicants find 12-month bad credit loans.
Will borrowing money affect my credit score?
Providing that you keep up with your monthly loan repayments, ensuring that you repay your loan in full and on time. As applying to borrow money should not affect your credit score.
However, if you fail to repay your loan instalments, this could result in charges and defaults being added to your credit report, thus negatively affecting your credit score in the process.
What are the benefits?
There are many benefits to borrowing over a duration of a year; these include;
- Larger loan amounts: as the repayment period is longer than some short-term loans; you may be able to borrow larger amounts.
- Paying less interest: as the repayment periods are longer, some lenders may offer you lower interest rates (pa fixed) - always check rates before you accept your offer.
- Spreading the cost of your repayments: longer repayment periods can help to make paying your instalments more affordable.
What are the drawbacks?
12-month loans may not be suitable in many circumstances. Therefore you will have to consider the drawbacks of this type of credit.
- Interest rates: interest rates may still be high - especially for those who have bad credit. Always check your interest rates as stated in your loan terms.
- Early repayment charges: some lenders may issue early repayment fees if you wish to repay your loan early, in addition to the total amount payable. Check for additional charges in the terms and conditions of your loan.
- Affordability: only borrow what you can afford, you can use a loan calculator to work out the payments you can afford.
** If you are already in debt and need help with your money problems, you can visit the Money Advice Service for more information on how to cope with debt. **
Why choose Multi Month Loans?
|Why choose us?||Multi Month Loans|
|How do I apply?||Via our online application form|
|How much can I borrow?||We offer loans of £100 - £5,000|
|For how long?||For periods of 1 to 24 months|
|How long will it take to receive my money?||From 24 hours*|
|Are there any hidden fees?||No, we charge no fees for the service we provide|
Frequently Asked Questions FAQS
What is a 12-month loan?
12-month loans are a type of short term loan which is borrowed and repaid in 12 monthly repayments over a repayment period of a year. Applicants will repay their loan in fixed instalments in addition to any interest or charges stated by the lender.
Can I repay my loan early?
Some lenders may allow you to repay your loan early without an Early Repayment Charge (ERC). However, you will need to check the terms and condition of your loan, as stated by your loan provider.
Am I eligible?
In order to qualify for a 12-month loan with us, you will need to ensure that you meet the following requirements;
- Aged 18 years of age or older
- Have been a UK resident for at least the past 3 years
- Have a regular income of at least £750 per month
- Valid UK bank account and debit card