With expenses on the rise and fewer earnings, it is quite common to face sudden financial problems. You run out of money and look for the additional funds in haste. However, you don’t need to worry as plenty of the funding solutions are available in the UK financing market that you can opt to solve your crisis. 12-month loans are one of the types of short-term loans that allow you to borrow quick funds regardless of your bad credit and you can easily clear the debt in a year by making monthly repayments.
Availing such funds is not a big deal as various FinTech companies offer these funding solutions through the online lending process. Let us summarise top 7 tips to avail the best deal on a 12-year loan with bad credit:
Tip:1 Search a Direct Lender
Always choose a direct lender for availing 12 month loans for people with bad credit. They are more reliable, friendly and dedicated to solving financial problems of the UK population. As no brokers are involved, there are no brokerage charges, and chances of hidden fees are lesser. You don’t have to go anywhere to search these lenders. Just Google the list of top direct lenders in the UK and access their websites. Have a detailed look at their lending services and compare smartly.
Tip:2 Choose Unsecured Deals Only
12-month loans with no guarantor and no collateral are completely risk-free. You are not required to pledge your home or car to obtain the approval. Moreover, you don’t have to run after the guarantors to convince them as co-signers. With no such obligations, you easily borrow 1-year funds without facing any hurdles. People who are bankrupts or CCJs are eligible to apply for these funds. The online loan application doesn’t require you to submit any kind of documents.
Tip:3 Look for the Same-Day Approval
Even a few hours look longer when you face sudden problems in your life, i.e. medical illness, accidents, etc. In such situations, you look for funds that can be availed on the same day. Hence, always look for the deals that allow you to get the approval within 30 minutes to 24 hours. Many FinTech lenders disburse money into your bank account on the same day after giving fast approval. 1000 pound loans can solve your sudden needs without the requirement of a guarantor.
Tip:4 Look for the Lowest APR
People who are reeling under bad credit issues stand a chance to get quick funds at the lowest APR thankfully to the competition among the lending companies. Just check the exclusive deals on 12-month loans offered by various direct lenders and grab the best one. Use a loan calculator to know the exact amount that you will pay in monthly installments and the total interest amount that you will pay in 12-months. A representative APR example can help you better to understand the charges.
Tip:5 Flexible Deals are more convenient
Getting an opportunity to avail the 12-month loans for people with bad credit on flexible terms is not less than a boon that always brings a smile on their face. This flexible borrowing option gives you sufficient money and time to stabilise your financial health. You just need to make monthly repayments until you complete the 12-month tenure. Unemployed people who are in need of instant funds can easily avail this flexible short-term loan alternative and solve their immediate financial problems.
Top:6 Evaluate your Money Requirement
Every loan is a debt that you need to clear no matter how tough is your current financial situation. Late repayments, missed installments, and defaults badly affect your credit score. You can’t afford to see your poor credit score getting more lower. Hence, you should choose a loan amount that you can repay comfortably in the 12 months timeline. 1000-pound loans are suitable for those bad credit customers who have a constant source of income and need a small amount to overcome a small crisis.
Top:7 Apply Online
Once you have identified the right deal, it would take another 2 minutes to apply for the funds. However, it is highly advisable to go through the terms & conditions before you finally apply for the required money. Online loan forms vary from a lender to another lender. However, your priority should be to choose the lending website with the shortest and easiest form. Always avoid online lenders who ask you to submit your latest credit report. Following are the commonly asked basic details that you need to fill while applying for a 12-month loan:
- Your name
- Required loan amount
- Your date of birth (DOB)
- Your mobile number
- Your email address
- Your communication address
- Your bank details
- Your postal code
1-year timely repayments can do magic for you, not just in solving your financial problems but also in credit score improvement. All FinTech lenders send monthly repayment reports to the credit reference agencies in the UK. If you have not missed even a single repayment due date during the tenure then chances are high that you get a good credit rating report after clearing the same debt.
Don’t wait! Just Apply for a 12 Month Loans Now!