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How Can I Get a 12-Month Loan in London?

How Can I Get a 12-Month Loan in London?

12-month loans are a type of short-term loan that has grown in popularity in recent years. These are only meant to last a year, or 12 months to be precise. They are extremely useful because they assist one in accurately budgeting for the money that has been borrowed, as it is known that it must be fully repaid within a year or 12 months. This is the primary distinction that distinguishes it from other types of short-term loans offered by various direct lenders.

These loans allow one to borrow a variety of different amounts of money, and they help to divide the borrower's loan into 12 manageable repayments that must be repaid on a monthly basis. Small loans are an excellent way to budget for the unexpected.


The calculated interest for borrowing 100 pounds under such a scheme is approximately 13 pounds per month. Many people have a bad credit history, and there are many lenders who are willing to provide loans to people who have a bad credit rating and have been denied loans elsewhere. Before applying for a 12-month loan for bad credit, most lenders have eligibility checkers that help determine the individual's chances of being fully approved.

Accepting a 12-month loan and keeping up with the required repayments for the loan can help one improve his or her credit score. This makes it more likely that the individual will be approved for credit in the near future. Missing payments has the opposite effect and can harm the borrower's credit profile, making it difficult for him or her to be accepted for bad credit loans in the future.

Because not everyone has access to that facility, many UK lenders offer 12-month loans with no guarantor. These 12-month loans have grown in popularity in recent years as direct lenders began to offer these types of loans that do not require a guarantor.


Such loans are only available to people over the age of 18 who are British citizens. A good source of income is advantageous but not required. A good credit score is also required to increase the borrower's chances of approval. Lenders always prefer people with a good credit score because they can be trusted and reliable and are more likely to repay the loan amount within the specified 12 months or one year.

If the borrower's credit score is insufficient to obtain approval for a 12-month loan, the borrower can obtain loans through a joint agreement, which can be accomplished by convincing a friend or family member to act as a guarantor for the 12-month loan. If the borrower fails to make a repayment to the lender, the guarantor can pay in his or her place.

Asset pawning is another viable option for the individual or borrower in question. If he or she is unable to find a guarantor, he or she may pawn any asset, including land, property, or even a vehicle. This asset's value should be equal to the loan's value.


Many lenders will make 12-month loans available to people who do not have a guarantor. This type of loan also assists those in need of emergency funds. These loans are convenient and usually do not have any additional hidden fees. They are also easier to repay when compared to personal loans or payday loans, which have higher interest rates.

Most lenders now have an easy loan process that allows them to assess the borrower's financial situation in a short period of time, and because most systems are now online, this has reduced a lot of paperwork involved. These lenders provide personalized loans to borrowers based on their financial situation and standard of living.

These lenders offering 12-month loans also offer competitive rates of interest to the borrower for people with a poor credit score, allowing anyone from any socioeconomic background to apply for a loan without being financially distressed due to the various competitive rates of interest offered to the borrower by the lender.

A 12-month loan can be used in the event of a financial emergency or an unexpected expense that must be paid right away. They offer quick loan approval processes and credit the loan amount directly into the borrower's bank account, making the loan application process simple and straightforward. The borrower can easily repay the loan to the lender in simple monthly installments for the duration of the loan, which is 12 months.

Even if the borrower has a poor credit history and urgently needs money, many lenders offer a wide range of installment loans for all types of credit score borrowers.


One of the primary reasons that more and more people are opting for 12-month loans is that they provide competitive APR, hassle-free and reliable loans with options for bad credit, the absence of the need for a guarantor, the availability of small and large loans as needed, repayment of loans in easy instalments, ensuring that people from all economic backgrounds have a fair chance of securing a loan, and many other benefits.

Compare and select the best 12-month loan option for your requirements."""

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"How Can I Get a 12-Month Loan in London?" was written by Mark under the Finance category. It has been read 116 times and generated 0 comments. The article was created on and updated on 13 January 2023.
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