12 month loans – are they different to other loans?
A type of short term loan that has become increasingly popular in recent years are 12 month loans. Designed to only last one year, these loans enable you to accurately budget for the money you borrow, safe in the knowledge that it will be fully repaid in just 12 months. This is the only difference between 12 month loans and other similar deals offered by direct lenders. Allowing you to borrow a wide range of sums of money, these short term loans break up your loan into 12 manageable monthly repayments. As such, whether you are looking for a small amount of cash, or something bigger, these small loans can be a great way of allowing you to budget for the unexpected.
At Upwards we work with a whole host of direct lenders who offer 12 month payday loans. By completing one quick application, we will find you the most suitable 12 month loan for your circumstances. You can choose to borrow between £100 and £5,000 depending on your needs and your budget and get access to your funds within 15 minutes* of being approved. Quick loans are what we do best and the lenders that we work with understand that short term loans are often required to help with emergency situations.
The approximate interest for borrowing £100
Upwards is a registered trading name of Upward Finance Limited which is an Introducer Appointed Representative of Flux Funding Limited, who are a credit broker, not a lender. Rates between 9.3% APR and 1294% APR – your no obligation quote and APR will be based on your personal circumstances – we compare short-term loans from over 50 lenders to get you the best APR possible for you. Loan term lengths from 3 to 36 months.
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Can I get a 12 month loan with bad credit?
We understand that there are many people who suffer from having a bad credit history. The lenders that we work with at Upwards specialise in providing loans to people who have been declined elsewhere or who have a bad credit rating. Our Eligibility Checker even allows you to check your likelihood of being approved for your 12 month loan for bad credit before you apply. If you are accepted for a 12 month bad credit loan and keep up to date with your repayments, you can improve your credit score over time, making it easier for you to be accepted for credit in the future. Missing more payments will do the opposite, further damaging your credit profile and making it more difficult to be approved in the future.
Do I need a guarantor to get a 12 month loan?
If you are looking for a 12 month payday loan there are a variety of 12 month loan UK lenders who offer no guarantor loans. Understanding that not everyone has access to or wants a guarantor on their loan. No guarantor 12 month loans have become more popular in recent years as direct lenders will now offer 12 month bad credit loans, meaning a guarantor is not a necessity.
All lenders have to be authorised and regulated by The Financial Conduct Authority and it is a requirement that all applications are subject to a credit check. At Upwards, we use ‘soft search’ technology which means that we can search for a loan without damaging your credit file. The 12 month loan direct lender who accepts your application will do a full search before paying out your loan. What that means is that we can assist you in your search for a loan without negatively impacting on your credit score in any way. A soft search cannot be seen by anyone else. Once you decide to take out the loan, the lender will perform the full hard credit search, it is only at this stage that the credit search becomes visible. Unfortunately, there is no such thing as a 12 month loan with no credit check.