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Know the Basics and Benefits of 12 Month Loans

The cool breeze may turn into humid air with weather. Finances are much more like that. They change like weather, some days are pleasant spring while some days stay dominated and clouded with complications.

Sometimes an unexpected expense, sometimes an urgent medical attention, Oh! Also the maintenance charges, and of course the examination fee of children.

No expense leaves you unattended and accompanies until you pay the last penny they need to be paid off. What a mess!! Things usually go fine in finances, but now and then, they go off the track. A solution is necessary to be there by your side at the time of need.

Small things happen more easily in life. The same is the case with money matters. The need for huge funds is not a common thing to cross your way but for sure the small expenses like to come often. They act more annoying when they come unexpectedly.

It is necessary to keep a backup for these uninvited pop-ups. Savings can be the best thing to keep as your weapon. Sometimes help from the near and dear ones is also an option. However, an alternate should also be in the queue if the previous two do not work or they are not available.

The 12 month loans perhaps are not new for you. They are short-term loans, available online, and prove a good deal in a small financial crisis. There can be some other loan products in your preference, for a choice, know about loans for 12 months. Maybe you find them useful in the future.

The Basics

First, know about the basic nature of the 12 month loans and then you can taste the benefits.

A ‘Not to Forget’ Precondition

For the desired outcome of the loan, it is necessary not to forget the most important thing, that is –

  • Current Income Status Should be Good – Yes, your current income matters a lot. The lenders prefer applicants with good repayment capacity. For sure, they want to ensure the timely repayments of the loan. The income of the applicant is the only way to do that.

Necessary Conditions to Apply

As the loans are online, nothing much in the name of formalities consumes your precious time. To cross the first stage of eligibility, make sure you have the following.

  • Citizenship Proof of the Country – Online loans are everywhere in the world now and to borrow it is necessary to have citizenship proof.
  • Age should not be Less than 18 Years – At least this age is required to qualify for the loan. This is perhaps the minimum age that you can find in every country.
  • A Valid Bank Account – You get the funds directly in your account and the lender takes the instalments through auto debit. This bank account should be the one in which you receive a regular income.

In addition to this, you need to provide your personal details, employment details and home address. No complicated forms, in fact one page application.

The Application Procedure

Once the eligibility things are over, apply for the loan and the procedure to apply is again not a complicated process. Count until 3 and you are done with the application process. Only three steps are there –

  1. Fill and Submit the Application – Fill all the necessary information that takes a few minutes and submit.
  2. Approval Decision – Few minutes after you submit the application form, comes the approval decision. (By the way, the loans have high approval rate).
  3. Get Funds – If approved, the lender transfers the funds in your bank account in a short time.

The Benefits

This is the interesting part as every borrower pick a loan product specifically for its benefits. Following are the bright sides of 12 month loans.

Get money despite bad credit – Don’t believe? But yes, it is possible to avail funds despite the bad credit. In fact without the fear of credit check through the 12 month loans with no credit check by direct lenders with no guarantor.

The great part is that it is also a chance to improve credit ratings. As the loan amount is not much, installments are never hefty and easy-to-repay. When you pay the loan on time credit scores improve and good days come with a good credit score.


A short-term loan choice with one page application and without obligation. What else it may need to act speedy? Perhaps nothing else. Fast funds are the necessary in the small but urgent financial crisis.


The loan amount is small maybe 500 Pounds but for repayments, it is scattered in 12 long months. The only and most potential reason to call these loans affordable. A small amount to borrow but such a sufficient time to repay. Not a bad deal!

No Prepayment Penalty

It is very easy to understand that the small amount of 12-month loans is not difficult to pay off before the tenure ends. The loans have no prepayment fee or penalty however, several loan lenders take this fee but you do not need to consider them.

The ocean has no limit, keep gaining more and more knowledge about the loans. It is an unavoidable part of financial literacy. Small loans have more support in life as they are in frequent demand. Borrow but with responsibility and repay on time.

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