Frequently Asked Questions
What are 12 month loans?
12 month loans are short term financial resources for borrowers who need cash urgently, or struggle to get credit elsewhere. As the name suggests, the repayment tenure of the loans is 12 months.
How much will I be allowed to borrow?
Normally the amounts for these kinds of loans are relatively low. They are great options for small short term cash needs and will put you on when you are running low on funds. The amount that you receive will also depend on the type of loan that you have applied for and the information and details you provide at the application stage. Typical loan amounts normally range from as little as $100 and can go up as much as around $1000. The loans normally don't exceed the $2,000 barrier, but some lenders will allow the figure to go higher (up to $3000).
What about privacy and online security when putting my details into your site?
We believe it is absolutely your right to have complete privacy. We also keep any information that you provide to us completely secure so that others can't access your details.
I have bad credit. Can I still apply for a 12 month loan?
One of the reasons that 12 month loans are popular is because they provide access to cash for everyone, regardless of financial history. With some lenders, if you have a less than perfect credit history, you will be instantly dismissed. With 12 month loans, everyone is eligible to apply. Regardless of whether you have CCJs, IVAs or have defaulted on loan payments in the past, you will still be able to put an application through.
How do I qualify for this type of loan?
To be eligible for this kind of loan, you have to meet only basic requirements. You should have a good source of income, an active bank account and proof of UK citizenship. Other than this you are free to qualify and normally will be granted the money that you need in super quick time.
How do I apply?
Applying for a loan of this sort is extremely easy. All you have to do is fill in a short application form with all relevant and personal information and submit it. You will be told whether or not you have been successful and will then wait for money to be placed into your account. The whole process is easy, efficient, and more importantly, quick. Money can be in your account the very same day.
I still have some queries that need answering, can I contact you direct?
Yes. If you still have questions that you would like to ask us or need further information about the service that we provide, you shouldn't hesitate to contact us. We will aim to respond to your question as soon as possible. All you have to do is click on the 'contact us' option and detail what you would like to know.
With some loans you have to place an asset, is this the same for 12 month loans?
No. With these kinds of loans you do not have to place collateral to get the cash you need.
Is there a restriction on what I can spend the loan money on?
Absolutely not. Once you have the money in your account, that money is then classed as your cash and is therefore ready for you to spend how you so wish. Many people need urgent cash for a variety of reasons, so you will be able to put it towards whatever you believe demands quick cash.
What can I spend the money on?
There are a wide range of things that you can spend the cash on. Many people use the money to pay for urgent repairs, such as a car or washing machine breaking down, whilst others will use the money as a safety net to tide them over until they next get paid. One of the most popular ways to utilise the cash, however, is to pay off unexpected utility bills.
What are the interest rates like?
As you are probably aware, loans of this type do tend to come with relatively high interest rates. Providing you borrow carefully and do extensive research with regards to household expenses and the amount you need to borrow, however, you should be fine. Making sure you are able to meet repayments when the time comes is vitally important.