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Representative Example: £400 loan repayable over 39 weeks at £18.96 per week, Rate of interest 113.46% p.a fixed; Representative 498.78% APR, Total amount payable is £739.44.
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If you've arrived here while searching for information about 12 month payday loans, there is a good chance you are thinking about taking out a loan over this repayment period.
We are going to explore the facts connected to these short term loans, so you can understand what is involved and whether they could be ideal for you.
Sit tight as we answer some of the most common questions we receive on these topics:
If you are curious to know whether these payday loans are right for your situation, it makes sense to learn as much as you can about them. That's something we could help with.
Read through these queries about these loan products to find out whether we could answer some burning questions for you.
This is important to understand as there are differences. A traditional payday loan is a loan you get over the extreme short term. You find a payday lender and request a loan until you're paid.
If they accept you, you receive it in your bank account and repay it in full, including interest, on your next payday.
With 12 month payday loans, you're looking at loans that could be with a payday lender or another lender.
Your credit record does play a role in how a potential lender might view you for a loan. However, some people assume that a poor credit record excludes them from any loans or financial services.
This is not true. You can never guarantee you'll be accepted by anyone in this sense, but there are sources of loans that do consider those with poor credit histories.
There are some things you can quickly do, such as checking that you are registered to vote. If not, this might affect your score and how someone may view your financial situation.
Other steps to improve things take longer, such as:
No, but you could get a quick loan depending on your personal circumstances. One way to speed things up a little is to go online to search for a loan. This allows you to check several sources at your convenience.
There are also sources of loans that you might see online but you wouldn't find on your local high street. If you only checked locally, you would limit yourself to banks and building societies that happened to be in your local area.
Applying online is faster and far more convenient. You can get a lot of financial information as well - information that could help you make a better decision. You're reading this, after all - and Loanza could help you understand how these quick loans might work for you.
Not all lenders offer payday loans. A direct lender means that you go to the lender rather than using a broker. You can see how this works at Loanza. We have 50+ of these lenders in our network, making it easier to find 12 month loans direct lenders (bad credit or not).
So, rather than going to several individual sources of online loans and financial help, you could use our free service to save time.
It does, yes, because anyone looking to lend you credit needs to know where you stand financially. We all have a credit score, and lenders run a credit check if you formally apply for a 12 month loan (or many other loan types).
12 month payday loans with no credit check by the lender do not exist. It means you shouldn't waste time looking for 12 month loans no credit check direct lenders, as they all need to see your credit history to work out whether to give you the loan you want.
You may still be able to find such a deal if you focus on finding lenders who grant small loans to individuals with a lower credit score.
At Loanza, we specialise in helping individuals looking for a loan with bad credit or a payday loan that is repaid in just one step.
No, as we mentioned earlier, you cannot get a loan without a lender viewing your credit record. This tells them how much risk you may pose if they decided to accept you for a loan term.
Some rules are identical throughout the country, whereas there could be differences in certain cases. In Scotland, rules may differ to those in England and Wales, for example.
However, credit reports do play a vital role in how lenders determine which individuals may receive a loan term with them.
Some loan products do have fees attached. Others do not. However, you should be able to get more details on this before you accept any offer.
It could be that you find deals that have no fees and a higher rate of interest to account for this. Those with a slightly lower rate might come with a fee as well.
So, by checking the available information you have, you can think about the deal that makes the most sense for you.
Lenders do check your credit score, and this credit check gives them information on how high - or low - your score is.
There is no such thing as a guarantee you will receive any type of loan. Some lenders are known to be more considerate of those who have had financial troubles in the past though. This means you may be considered by some and not by others.
You'll see a different interest rate on almost every loan you look at. The interest rate depends on how long the loan runs for, how much you're borrowing, and your own credit situation and history.
Lenders may also have ranges they are willing to work within. It's not unusual for these companies to specialise in certain people and products.
PA fixed means per annum fixed. Per annum means per year, so you'll see how much you'll repay over that term. Some sources of loans do offer fixed deals, which do give you the peace of mind of knowing how much that 12 month loan is going to cost you.
Any fixed deal does give you the peace of mind of knowing you're going to repay the same amount from your bank account each month. This helps you manage your finances more confidently.
This applies regardless of whether you want a 12 month loan or any month loan with bad history of managing credit.
These loans mean you do not need someone to guarantee to meet the repayment term if you fail to make the repayments. With 12 month loans for bad credit no guarantor, you could either go direct to a lender or use a service like ours.
We aim to help connect you with a competitive deal for someone in your situation. 12 month loans no guarantor mean that you are solely responsible for repayments.
Each lender sets its own rates. These may depend on the size of the loan you wish to borrow, the repayment period, and your credit record information.
Payday loans tend to have higher rates than standard lenders. However, in every case, you can see the representative interest rate ahead of even applying for details. This applies to payday loans, 12 month loan products, and all other types of loan.
This is the total of the amount you borrow plus the interest on that loan. Make sure you know this before accepting any loan from any source, whether from a credit broker or other lender.
Interest rates on payday loans tend to be higher, reflecting their short term nature. There are no monthly instalments here - just one repayment that covers the loan plus interest.
With loans lasting 12 months or more, you repay an amount each month.
It depends on when you apply and which lender you approach. However, if you pass the relevant checks and the loan you want is approved, you could receive the money into your bank account faster than you think.
We act as a credit broker, using our network of financial lenders to source a competitive deal for you. You could soon find out whether you're able to borrow what you need. Our online service is convenient and could save you time and hassle. Use Loanza today to see if you could get the financial help you need. Apply online now.