What is a 12 month Loan?

12 month loans are short term loans that are paid back over a period up to a year. The payments are normally smaller and in more manageable installments than a Payday loan.

Why take out a twelve month Loan?

Short term loans can provide easy access to credit, even if you have defaults, CCJs or a bad credit record. If you have a poor credit history, short term loans can be one of the few ways you can access credit. Banks on the High Street are unlikely to lend to borrowers with low credit ratings, but short term loan companies will often take the risk because of the smaller amounts involved and the fast payback time.

WARNING. Short term loans are often taken out by people who cannot afford them or who may already have other debts. If your circumstances change, there may not be enough income to meet the loan repayments and you could get caught in a spiral of increasing debt.

Am I eligible for a 12 month Loan?

Looking for a loan under £25000?

To be eligible for a short term Loan, you need to be a minimum of 18 years of age, be a UK resident, have a valid UK bank account, are employed and receive a regular pay cheque

At 1st Loan, we introduce to brokers who specialise in short term loans for people who have an immediate financial requirement, such as a car service or repair or an unexpected bill that has to be paid now. The terms of any loan offered will depend on your circumstances. You can apply for a 12 month loan up to a maximum of £2,000. You can apply today even if you have a poor credit record.

Who should consider a short term loan?

Taking on a short term loan is something that needs to be fully thought through. It should only be considered in an emergency situation. Short term loans should only be used for temporary money problems; they are not meant to be used as a long term solution. However, if you believe that a short term loan is right for you and you are confident that you can make the repayments on time, please complete the short application form.

How much will a 12 month loan cost me?

You need to complete the short application form to find out how much a loan will cost you.

Please make sure a short term loan is right for you before taking it out. You should always think very carefully before committing to any form of credit or borrowing money.

Please remember that short term loans should only be used for very short term financial needs. Short term loans are not suitable for long term borrowing

Financial Difficulties

If you're trying to manage existing debt or in financial difficulty, consider what your options are before you borrow. For further help on managing your money visit the Money Advice Service.

Links

Further information on personal loans: Wikipedia information on Loans
Credit Reference Agencies Experian Equifax