12 month payday loans are a flexible way in which to borrow up to £2,500, spreading the repayments over the course of a year. We work with various FCA Authorised direct lenders of 12 month payday loans who are able to provide instant decisions on your loan application and same day funding upon approval. We all go through financial difficulties from time to time and a payday loan, spread out over a longer period of time, such as 12 months often is just the solution you need.
No guarantor is needed for our 12 month loans and all applications are considered, including those from people with previously bad credit. Life has a habit of throwing up unexpected events and surprises that can lead to us all being caught a little short financially.
12 month payday loans from Payday Loans Hub are free of charge to apply for and we allow you to apply for small loans of as little as £100 up to larger loans of £2,500. Apply today using our secure and hassle-free application form and we will get you on track to the loan you need.
What are 12 Month Payday Loans?
12 month payday loans are traditional payday loans in the sense that they provide quick funding once approved for loans of up to £2,500, repaid over a shorter period of time. Traditional payday loans’ repayment schedule was over a single month, or 30 days.
However, 12 month loans allow borrowers to repay their loans over a longer period of time, which makes the repayments and loan costs much more affordable, as the total amount is split into 12 scheduled repayments.
The way these loans work is that the loan amount (the loan ‘capital’) and the interest (the associated ‘fees’) are combined to form one larger amount. Then, each month, the borrower will, on a scheduled and pre-agreed date make a payment of a portion of the total repayment amount. By the end of the 12 month period, the entire loan and its interest should be fully repaid.
Who Can Apply for a 12 Month Payday Loan from Payday Loans Hub?
We consider all applications and never turn anyone away based on routine criteria which don’t take your life into account. We work with a panel of FCA Authorised direct payday lenders, all of which are happy to consider each and every application for a 12 month payday loan on its own merit. However, you will need to meet a few basic criteria to greatly improve your chances of acquiring the loan you need therefore you should consider whether:
- You are at least 18 years of age
- You hold a valid UK bank account and debit card
- You are a permanent UK resident
- You are in some form of regular employment
- You are not currently bankrupt
- You are able to make the repayments
What Can I Use 12 Month Payday Loans in the UK for?
12 month payday loans do not have a specific use in the same way that other loans such as credit repair or debt consolidation loans do. There are a number of quite commonly accepted uses for these 12 month unsecured personal loans, all of which are considered by our panel of UK lenders. Typical uses of these loans, with repayments spread over 12 months include:
Debt Consolidation – If you have a number of debts outstanding, for example some bills, credit cards and others, you may wish to take out a 12 month payday loan to consolidate and pay off all of these debts, leaving you with a much more manageable repayment schedule to clear your debts overall.
Home Improvements – Some home improvements such as a conservatory or double glazing can improve the value of your property and can also improve your living standards and the quality of life that you and your family enjoy. In the case of double glazing, it is also very likely to save you money on your heating bills in the long run. Borrowing money to undertake this work is a well-accepted practice.
Unexpected Bills and Expenses – Life is full of surprises and sometimes, things pop up for which we are totally unprepared. Hence, a 12 month payday loan can allow you to get the money you need to pay off some of those unexpected bills, allowing you the time and flexibility to repay the loan over the course of a year.
Get Quick Decisions on your Application from Payday Loans Hub
We work with numerous lenders from across the UK, all of which are FCA Authorised to provide short term unsecured personal loans. Because we use some of the latest technology to liaise with the lenders we work with, we can give you instant loan decisions on your 12 month payday loan application. This helps to avoid you waiting around for a decision and lets you get on with things.
Furthermore, because our lenders can quickly communicate with our technology and information systems, same day funding on your 12 month loan is available with most lenders, paying the loan amount directly into your nominated UK bank account.
What Happens if I Can’t Repay my Loan?
If you can’t repay your loan, be it a 12 month payday loan or any other form of short term loan, it is imperative you let your lender know as son as you can. Most lenders will be able to help you get onto a manageable repayment schedule which will in turn allow you to repay the loan, perhaps on slightly different terms. Not letting lenders know straight away can lead to unnecessary problems and a spiral of debt which you should avoid at all costs.
If you do not repay your loans on time, you will damage your credit rating which will negatively impact your ability to get a loan or any other form of credit or finance in the future.
12 Month Payday Loans – Apply Online
Our application process is entirely online and is straightforward and hassle-free to complete. Simply fill in the necessary details, with a little information about you and what you require the loan for and we will get you an instant decision on your loan for the 12 months ahead. Apply online today.