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12 Month Loans London

Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK
Credit subject to status & affordability assessment by Lenders.
786 Loans is a credit broker and not a lender

Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on any debt secured against it.

A 12 Month Loan is a short-term loan that allows a borrower to repay it within a year in fixed monthly instalments. You do not need to provide any collateral to borrow this loan. Also, you do not need to arrange a guarantor who will co-sign the loan application with you. If you’re in London, and you need a loan for 12 months, then this guide can help you in knowing everything that you must consider before borrowing.

London is one of the distinguished financial centres of the world that generates about 30% GDP of the United Kingdom. According to official data, Romford borrowed more payday loans than the entire population of Leeds. You will find a plethora of options when you search for 12 Months Loan Online. A lot of lenders and credit brokers offer such loans to people who can afford to repay it without any fail.

Key Features of a 12 Month Loan

A 12-month loan is also termed as High-Cost Short Term Credit. If you are in immediate need of money for a brief period, then this loan can prove to be beneficial.

  • Fixed monthly instalments
  • No collateral needed
  • No guarantor is required
  • People with bad credit score may apply
  • Can be used for a variety of purposes
  • Boosts credit score if you repay on time and in full
  • Online application processing
  • Quick decision

Things to Watch Out For

There are always two sides of a coin. While borrowing a 12 Month Loan in the UK, be careful of the following things:

  • High rates of interest
  • May lead you to a debt spiral
  • Cannot be borrowed for a longer period
  • Probable scams

Why These are Called High-Cost Short Term Credit in the UK?

As these loans are borrowed for an amount that typically ranges from £100 to £1,000 for a period of 12 months, the rate of interest levied on these loans is higher as compared to other loans. Moreover, the lender doesn’t have any kind of security or guarantor to cover the loss, if you fail to meet the repayments. According to the financial regulator – the Financial Conduct Authority an HCSTC is an unsecured loan with an Annual Percentage Rate (APR) of 100 % or more that is provided for a maximum period of 12 months.

12 Month Loan Statistics of London

London District Number of Loans Average Loan
Bromley 23,998 £264.83
Croydon 42,639 £277.01
Enfield 26,786 £272.64
Harrow 33,299 £285.29
Ilford 23,946 £301.73
Kingston upon Thames 32,319 £270.86
Romford 55,299 £271.66
Southall 35,730 £270.54
Sutton 19,260 £271.14
Twickenham 42,770 £271.62

How to Borrow a Same day 12 Month Loan Online in London?

You may find a lot of offers that claim “Same Day 12 Month Loans in London”. The lenders will carry out the process of verification and credit check online and if your application is approved, the loan amount may be transferred by them to your bank account within a few hours. However, the actual time taken for the disbursal also depends on your bank. To borrow a 12-month loan online in London - the following steps may help you:

  1. Decide on the amount that you need and for how long
  2. Explore various websites of lenders and credit brokers
  3. Shortlist the offers that you find affordable and reliable
  4. Compare the Annual Percentage Rate (APRs) of the loans
  5. Select the lender or credit broker with their offer
  6. Visit their website
  7. Fill-up the application form with necessary details
  8. Wait for a few minutes
  9. The decision will be displayed on the screen within a few minutes

Tip: Never borrow an amount that you cannot afford to repay. Explore more tips here https://www.786loans.uk/blog/12-month-loans-tips-for-responsible-borrowing/

You May Consider These Alternatives

If you are not sure about the repayments – you shouldn’t take out an unsecured loan. Although valuables such as your car, your home are not at stake, your credit score will be ruined if you fall behind the repayments. In such cases, take into consideration a few alternatives rather than opting for a loan.

  1. Ask for a payday advance to your employer
  2. Discuss your financial trouble with your friends and family so that they can help you
  3. Borrow money from a credit union
  4. Try to get an authorised overdraft from your bank
  5. Avoid the expenditure for which you need the money

Pros and Cons of a 12 Month Loan

Pros Cons
Available Online: You can borrow this loan online. The entire process is carried out within a few hours, which will save a lot of time and efforts. Interest Rate: The lenders may charge a high rate of interest as this is an unsecured form of lending.
No Collateral Damage: Your valuables cannot be possessed by the lender if you fall behind the repayments.  
Bad Credit Score: Many lenders accept the application forms by individuals who have a bad credit score.  
Quick Decision: The lenders will give their decision within a few minutes after you apply for a loan. Hence, you do not have to wait for days for the answer.  

FAQs on online 12 Month Loans

This is a dedicated section for all those questions that you might be wondering. Because our mission is to help you find the right lender according to your needs and financial requirements. Before you decide to borrow money, you must assess your affordability and creditworthiness.

Who can apply for a 12-month loan?

You can Apply for a 12 Month Loan Online if: 

  1. You are a legal citizen of the United Kingdom
  2. You are 18 years or above
  3. You have a valid and functional bank account

Do you charge any fees?
No. We’re a credit broker and not a lender. We are registered by the Financial Conduct Authority (FCA) and hence, we do not charge any upfront fees to our borrowers.

How much can I borrow?
We have a panel of lenders who are authorised by the FCA. They typically offer you to choose an amount ranging from £100 to £1,000. However, the amount that you can actually borrow also depends on your credit profile, monthly income and expenses.

Do you run credit checks?
Our lenders have to conduct a credit check by law before approving your loan application. However, they carry out a soft credit check that doesn’t leave any footprint on your report – to offer you the initial quotes. Before making their final decision, a hard check is conducted by the lenders and is mandatory by the financial regulator.

Do you offer 12-month loans for bad credit?
Some of our lenders offer 12 Month Loans for Bad Credit to individuals who do not have a perfect credit score. Please note that the final decision of lending the money is taken by the lender. You may apply with us if you have a bad credit rating.

What happens if I repay the loan early?
If you repay the loan before the agreed end date, some lenders may charge you a prepayment penalty. Therefore, check the Terms & Conditions of the lender before making an early repayment to avoid any inconvenience.

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786loans.uk is a registered Trading Name of Tiger Lion Financial Limited. Tiger Lion Financial Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference number: 753151. Tiger Lion Financial Limited is registered in England and Wales (Company number 10189367), Registered Office: 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ. Licenced by the Information Commissioners Office, (registration number ZA185613)

Authorisation can be checked on the Financial Service Register at www.fca.org.uk.


786 Loans is a licensed LOAN BROKER and not a lender. The website is registered in the UK and is authorised and regulated by the FINANCIAL CONDUCT AUTHORITY (FCA). WARNING: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK.

786 Loans does not charge any fees. If you are contacted by anyone claiming to be from 786 Loans and requesting you to make a payment, report it to www.actionfraud.police.uk.

All Loan approvals & Quotes are subject to Credit Score and Affordability requirements by lenders. If you meet the lender's criterion, you can borrow the money. We as a broker make an attempt to process your application with the most suitable lenders in our panel.

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786 Loans
71-75 Shelton Street
Covent Garden, London, WC2H 9JQ United Kingdom
0203 633 1034
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