‘All-In-One’ Guide to 12 Month Loans


From centuries, money is the magnet of the world. Humans are always in the desperate need of money. Irrespective of time, geographical boundaries, caste and belief, every person needs the power of currency in some or other way. The daily routine life in itself is a complete reason to ask for the regular flow of money. You can very well relate to this, right? Things that happen on daily basis and often, demand more attention of financial adequacy. However, this usually does not demand a huge amount and you can manage by using your savings. A little help from friends and family is also not a bad option.

Sometimes, situations are such that even the small expenses may become unaffordable for you. Inadequate savings and your wish to not to ask favour from others can be the reason. But irrespective your situation, the expenses are destined to come. There can be many reasons for this. May be they come unexpectedly, may be you could not manage the monthly budget and financial struggle is going on.

From a sudden need for car service, to an urgent medical attention, anything can cross your way. In such situations, if you do not have adequate funds, it is necessary to think about a solution. As an option, the 12 month loans can come to your rescue. There may be other alternatives in your mind, but it is good to know about the choices as much as possible. The loans for 12 months are short-term and feed to the fast needs of funds with sufficiency.

What Are Exactly 12 Month Loans?

The 12 month loans are the short-term loans with a small loan amount. They can be used for sudden small needs. Their online presence makes them even more achievable.

Are There Any Obligations?

No, there are no obligations because as mentioned above these are the short-term loans. You borrow money with no collateral and no guarantor. Now the question is what makes the lender take risk of money with no obligation? The answer is – current financial status. Your current financial status should be good to qualify for the loan. The prime concern of the lenders is the repayment capacity of the borrower. Once the borrower proves it, nothing much is left in the loan procedure. However, the instalments are small but still a missed repayment is a missed repayment. It is always a headache for the loan company as a default case is a deal of loss for it. Make sure, when you apply for the loan, the current financial status is good enough to prove your creditworthiness.

Not So Stereotypical Approach towards Credit Scores

Generally, credit score is the first thing that a financial company looks for while processing a loan application. Reason, you know, a credit score is the accurate reflection of the financial behaviour of a person. Bad credit history means the person has an irresponsible financial behaviour and it is not a safe bet to lend. On the other side, the good credit history makes the lender to rely on the creditworthiness of the loan applicant.  But the question is – Is it always necessary that if a person has some financial default in past, he has same situation in present too? Perhaps not. This is the new approach that the online lenders work on. They see the current financial situation of the applicant, if it is satisfactory; they approve even a bad credit person.

The Procedure

Simple is the word to describe the procedure for the short-term loans for 12 months. Only a few steps are there to go through in the name of loan procedure. They are as follows –

  1. Apply online 2. Get approval decision  3. (If approved)  Get funds in bank account

Speedy word is also required to add in the features of the procedure. The above two steps take a few minutes and last step takes one or a few hours only. When the need of funds is urgent, this speedy and smooth loan process is a life saviour for you.

Make a Good Pair with Other Loan Products

The 12 month funding choice is versatile enough to accompany other loan products and become more convenient for the borrowers. Perhaps, the product 12 month payday loans is familiar to you. These are also short-term in nature (as you know) but you can repay the loan in 12 long months. However, as according to the nature of payday loans, these are higher in rates but customisation helps. The lenders try to keep the deal as much affordable as possible.

The synonym of convenience, the loan for 12 months is your last minute saviour. But, not to forget, like any other loan, the repayment is the vital part of these loans too. Repay the instalments on time as missing them can put you in bad credit situation. The instalments are small but in no case deserve to be taken lightly. Every financial activity has its impact on your credit and overall financial records. Borrow money instantly and keep that mini, annoying financial crisis away.



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