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Why to Prefer 12 Month Loans in the UK & How to Pay Less

Posted by staceywalsh in Finance on October 29th, 2018

The private lending services have become the key driving force for economy growth of the UK. British people seeking instant financial assistance with almost no documentation turn to FCA authorised direct lenders instead of approaching to mainstream banks. What does strengthen the borrowers’ trust in direct lending agencies? Which is the most sought after financial product in the UK? Are the borrowers satisfied when they pay the last installment of 12 month loans? There are numerous questions that come to first time borrower’s mind; and, many times misconceptions keep him refrained from availing this facility and to suffer with financial woes.

12 Month Loans - The Best Justified Choice:

The lot of reasons make 12-months loans the best justified choice for most of the needs. These are equally beneficial for direct lenders also. The twelve months repayment period is enough to plan right for the optimum use and repay without fail. During the debt holding period, the borrower feels stress free because of low amount monthly installments. The lending agency feels the disbursed loan better secured because of regular paybacks. These are good even for the jobless people because the twelve months is sufficient time to get the suitable job again. Same is the case with start up business or small business owners; they too get sufficient time to tackle the problems during dull season as well as to earn better by grabbing the occasional earning opportunities like during the Christmas or New Year. This loan format suits to self employed professionals also because they get enough time to repay back if their payments are stick because of any reason. Therefore, one year loan is the versatile choice for everyone with instable income.

Is The 12- Months Loans Available For Bad Credit Borrower Also?

The financing professionals recommend 12- month debt format for small businesses, start up businesses, unemployed professionals, and employed professionals. The longer repayment schedule reduces monthly installment amount; however, it increases the total payouts. The direct lending agencies are keen to deal in longer period because of their business interests. Still, getting debt for 12 months for a bad credit borrower having no guarantor is not easy. The borrowers have to do extensive searches and comparisons to find the genuine direct lending stores offering ‘bad credit no guarantor twelve months loans’. The task becomes more challenging for the first time applicants because they have no record of repaying back the previous loans. In absence of previous repayment record the first time borrower, especially a business owner, unemployed or self employed often gets the required loan     at higher APR but this facility is available for all because the numbers of direct lenders specialize in providing the best deals forunsecuredbad credit loans.

How to Make 12 Months Bad Credit Loan Cheaper:

Ask yourself – whether you really require financial assistance from a 3rd party? Explore the possibilities for arranging a guarantor; if there is any scope to arrange a guarantor, prefer it to save considerably because of lower APR offered. Explore the possibilities of mortgaging some assets- documents or property to secure the loan; if yes, you can make the whole affair cheaper. Generally, the late payment fee is too high as it is not capped by FCA. Think and plan concrete to repay each of 12 installments on time. The commercial importance of availed loan justifies the cost. If you have alternate source to avoid borrowing, use that source even if you pay the same interest; the benefit you get is the credit score improvement.  

The increasing presence of direct lenders in the UK is providing more options for choosing the best favored direct lender. Each loan store tries the best to make the deal; the trade war within lending industry creates ample space for negotiation even for the bad credit borrowers. Comparing the proposals of 5-6 lending agencies is a good practice because just the applications or enquiries don’t affect the credit score. Sometimes, borrowers get better deal from the new lending agency rather than from well established top ranking lenders.


The numbers of British people, in either community, holding poor credit score are too high; therefore, do not feel shy for applying for 12 month loans just because of having low credit rank. Negotiate with authority because you pay the price of facility. Providing impressive record of previous loan repayment helps to get better deals; upload the details with applications.

Author box:

British Lenders is providing 12 month loans no credit check direct lenders in the UK for over the years. The proposals for the most sought after loan format are prepared by experienced experts according to particular requirements of borrowers; therefore, each borrower feels highly satisfied after complete loan repayment.     


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