Taking out a loan is something you need to consider carefully – it should not be an easy decision. If you’re taking out a short-term loan, you should only think about using one of them if an emergency has come up and you don’t have enough in your savings account to pay for it. You also need to make sure that you can make all the repayments on your loan in full and on time. When you make a payment on the expected date and for the expected amount, that’s recorded on your credit report and that’s good. If you miss a payment, that’s also recorded but it’s bad. Your credit report contains details like how much debt you’re in, how far away you are from the limits on your credit cards, and whether you have County Court Judgements (CCJs) or you’re in an Individual Voluntary Arrangement (IVA).
It is always helpful to do your homework before contacting the loan providers. You can use free online loan calculators to know how much you can borrow with your current profile. You could efficiently compare and choose the perfect deal for your credit profile. But if you’re stuck with a financial difficulty and you do not have any other alternative or source to borrow money from – then you may consider choosing a 12 month loan.
What if I Have a Bad Credit Score?
Bad credit means your credit report reflects that you did not have a good relationship with credit in the past. A credit report echoes your financial behaviour. A maximum number of people borrowing a loan are those who go through a financial crisis. It becomes even more difficult if your credit score comes down and if you have no home to keep as a mortgage. Today it is also difficult to get a guarantor. No one wants to put themselves in other’s shoes. You are left with your own when you need help. That’s when you should choose lenders who offer 12 Month Loans for Bad Credit with No Guarantor. That means you do not have to worry about finding a co-signer for your loan application. Although, the Annual Percentage Rate (APR) that you will be offered will be quite high due to your poor credit score. Your profile will be considered as a risk by the lenders and hence, they charge a high-interest rate on loans they provide to people with a not so perfect credit rating.
How a 12 Month Loan can Help Me?
A leaky roof or a broken car – a 12-month loan is a short-term loan that you can avail to help yourself manage such issues that crop up in between your payday. You will be asked for what reason you are borrowing the loan while filling the loan application form. However, you may use the amount received for any personal purpose other than any illegal activity such as gambling, stock and share market, or to invest the money in completely new business.
As the cost of the repayments is spread over 12 months, you will not face any difficulty in designing your monthly budget. That means you will have enough financial breathing space to maintain your budget to stay on the right track of your financial life.
Most of the people also use the funds for paying back their credit card bills. Though this is a good way to repay the debt, it only works if you have only a single debt to be repaid. If you have multiple debts that are piled on, then you must consider taking out a debt consolidation loan.
Is it a Doorstep Loan?
Whether you are searching for Doorstep Loans for Bad Credit in Leeds or London – 12 month loans are online. Therefore, you may get the money more quickly as compared to the time that is usually taken for a doorstep loan approval and process.
You can apply for a 12-month loan online by visiting the website of the lender or a credit broker. Fill in the loan application form that is available and make sure that all the information that you provide are correct and true because lenders run verification and if they do not find your information suitable, they may reject your loan application. Once you’ve completed the form, submit it online as it will take only a few seconds for the lenders to show you the quotes they are ready to offer you. You will find their offers on the screen and you can make your decision after taking into consideration the available rates. If you agree to deal with the lender, and you accept the Terms & Conditions, then the lender may send the money to your account with the same day. However, it is better to ask your lender about the exact time it will take for the fund transfer to your bank account. In addition to this, the complete time is taken for the transfer of funds also depends on your bank.
Why Should I Take Loan from 786 Loans?
786 Loans is an FCA authorised loan broker that operates across the United Kingdom and has a panel of Britain’s most loved and reputed lenders. We do not charge any upfront fees to our borrowers. There is a wide range of financial products such as – Homeowner Loans, Instalment Loans, Payday Loans, No Guarantor Loan, etc, that we deal with. Short-term loans are temporary and fast resolutions that are available when an individual is in deep need of monetary help. However, if you do not keep up with the repayments, it may damage your credit score.
Applying for a loan with us is fast, simple, and easy. Also, as we believe in maintaining complete transparency with our customers – we will provide you with all the necessary information and details that you may need to form your decision. We do not lend money but our lenders do. Our aim is to make it easier for both the lenders and the borrowers by offering them a common platform for ease and convenience.
To apply with us, Click Here.