12 Month Personal Loans

How Does a 12 Month Loan Work in the UK?

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12-month loans are a type of personal loans where you have to repay the amount in easy monthly instalments. These loans are one of the most popular financial products in the United Kingdom. Moreover, applying for a 12-month loan online is easy. Sometimes, you can even get the funds on the same day if approved.

Pros of the Same Day 12-month Loan

1. Easy to apply: You can apply for a 12-month loan online at the comfort of your home. All you have to do is go online and browse.

2. Simple online application: We all perceive that filling up an application form is a tedious process. However, with the transformation in the lending industry over the years, the whole process has become borrower-friendly.

3. Online process: The whole process of borrowing is online. Right from applying for a loan to documentation and disbursal of the amount, everything happens online.

4. Flexible repayment schedule: With this kind of credit product, you get the flexibility to repay in easy instalments. Please note that timely repayments may improve your credit score.

How to Apply for a 12-month Personal Loan Online?

Applying for a loan online is easy as it saves a lot of time of a borrower. There are a few steps to follow to apply for a 12-month loan online in the UK:

Browse lender’s/broker’s website online

Once you plan to borrow a loan, the next step involves browsing for a lender or a broker online. You can use a loan broker as you don’t have to browse various websites. A loan broker will do all the job for you. Though the final choice is yours whether to borrow from a lender directly or want to go with a loan broker having a panel of direct lenders with them.

Fill up an online application form

Once you decide on a lender/broker you want to go with, start with filling out their application form. Usually, simple application forms are available on their websites.

Wait for the decision

Once you fill the application form, you may get a decision within a few minutes. With 786 Loans, you can get the decision regarding your application in real-time. You don’t have to wait for hours for a decision.

Bottom Line

Online loans are easy to obtain. A personal/short-term loan can help you if you research thoroughly and borrow. In case you are not sure about making the repayments, don’t opt for a loan. Timely repayments can never harm your credit score. Falling behind the repayments may restrict you to borrow money. You may not be able to borrow money for the next six years. Therefore, make a repayment strategy to manage your repayments on time and in full.