M & S Bank – £1,000 – £25,000 , 1 – 7 year term. 2.8% APR
Nectar card holders only. Representative 2.7% APR, when borrowing £7,500 over 3 years.
£1000 – £35,000 1 – 7 Years, 2.9% rep APR when borrowing £7,500 – £15,000
Apply online for 12 month loans
Some loans are long term, like mortgages, and others are very short term, like payday loans, but we often find ourselves needing something that’s in the middle of these two extremes. The 12-month loan fills this need very well.
Online lenders can be a great solution when friends or family can’t help out with emergencies. They are usually less expensive than payday loans or credit cards, and you can apply for one from the comfort of your own home. They are usually available in amounts up to £2000, and if you are approved, the money is deposited into your account within minutes.
Why might you need an emergency 12 month loan?
We all try to leave a little room between what we earn and what we spend, but sometimes emergencies arise and we need a lump sum. A car or home might need repairs, a special event may need some extra funding, or an opportunity arises that won’t be available if you wait to save up the cash.
Examples of 12 month loans
A standard 12 month loan begins with your application. You do this from your own home (or anywhere you have Internet) and you should have the results within an hour. If you are approved, the money will be deposited into your bank account within a few minutes. Once it’s there, you are free to spend it on whatever you want.
Each month from that point forward, you will be responsible to make a payment. The amount you pay back will be the amount you borrowed, plus interest. If you borrow £1000 at 5% APR, for example, you would pay back £1050 over a 12 month period. Your payments would therefore be £87.50 a month, for 12 months.
12 month cash loans from online lenders
For most of us, the best place to borrow money in emergencies is from friends and family. These loans are quick, flexible, and usually interest free. If we run into trouble paying them back, family members may not be happy, but they aren’t going to ruin your credit rating over it.
If this option isn’t available, or you don’t want to go through the discomfort of the conversation – or even if you simply want to take care of things independently – then a 12 month loan from an online lender is a good solution. The size of it is not overwhelming. The interest rates and payments are reasonable. The time frame is manageable, and is a good way to get used to the idea of a larger loan you may want later in life, like a mortgage. If you already have a mortgage, this is a great option for making repairs and upgrades financially manageable.
12 month loans with bad credit
If you have some negative hits against your credit, you may think that you won’t be able to get a loan. The truth is, you may still be eligible, and taking out a loan may be a step toward repairing damaged credit. Once you secure and repay a smaller loan, your credit rating will increase slightly, as it will reflect that, though you may have had some problems in the past, you are more financially responsible or stable now. Online lenders may actually be part of the solution for your short term money needs, and your long term credit rating.