A new and smart direct lender with a difference, no transfer fees and loans funded within an hour
The Quick Loan Shop is a UK payday lender bringing you instant payday loans online
Money Boat is an installment lender bringing you clear and manageable loans of up to £1500
A short term loan that allows you to borrow up to £350 and repay on your next payday or earlier
Loans 2 Go Personal Loans, offer instalment loans of up to £1000 repayable over 18 months
H&T Personal Loans, offering short-term loans of up to £1000, no setup fees and same day funding available if approved
The 12 Month Payday Loan has quickly grown in popularity amongst borrowers in the UK. Unlike traditional short-term payday loans, 12 month payday loans allow a person to extend the repayment period beyond the person’s next salary payment. Instead, the borrower can make regularly scheduled payments towards the interest and principle across an entire 12 month period. This shift is encouraged by the Financial Conduct Authority (FCA) as it provides a way to make short-term payday loans more manageable for a variety of borrowers.
12 Month Payday Loans are a form of instalment loans. Instalment loans are designed to be repaid over a longer period of time, with the total owed being split into monthly payments. The available terms may vary from lender to lender, and may be contingent on the precise amount being borrowed. While the longer repayment period may ease immediate financial difficulties, repaying over a longer term can result in a higher amount of interest being paid overall in comparison to some options with shorter terms.
The increasing popularity of instalment loans is partially due to the extended repayment time period being offered. This allows borrowers who would not be able to repay the full amount on their next salary payment to spread the payments out, making each monthly payment more manageable than a single, lump sum payment. Additionally, many loans allow for early repayment, so, should the borrower be able to make larger payments, the borrower can repay the loan more quickly while also lowering the amount of total interest being paid.
There are a number of direct payday loan lenders that offer 12 month payday loans. Often, the 12 month payday loan plans are proving to be more popular than some of the more traditional payday loan offerings, which can create greater levels of competition within the field. Here are a few of the Lenders List partners who offer instalment loans up to 12 months –
Certain lenders are open to providing 12 month payday loans to individuals who may have struggled with their credit rating. While credit checks are often a common practice within the lending community, not all lenders use the same minimum qualifications in order to determine if a loan will be granted.
Most loan applications are considered on a case by case basis, so those with low credit scores may not be automatically rejected by the application system. Other information regarding your income and current employment, as well as the outcome of various affordability calculations, may also be used in the determination. It is important to understand that those individuals with lower credit scores, if they are approved for a loan, are often charged higher interest rates than individuals who have better qualifications. This can make a loan more costly for a person with bad credit, especially over longer repayment terms,
The Lenders List only includes direct 12 month payday loan lenders and does not include any brokers within its listings. Direct payday loan lenders are those that handle all of the application processing responsibilities as well as directly lend funds to those who qualify. This ensures that your information is only provided to the lender or lenders, you personally select. Additionally, this helps borrowers avoid unnecessary fees that are often charged by brokers as a means of compensation for their services.
By eliminating brokers from this site, you do not have to worry about a company sending your personal information to a variety of potential lenders without your specific knowledge or approval. This not only helps keep your information more secure by limiting its distribution, but can also help avoid other side effects, such as increased solicitations by phone, text, or mail. Additionally, you will not be charged any fees by a lender on the Lenders List until your loan is processed and approved.
Please be advised any marketing that our partners do are through their own sites and not through The Lenders List. The Lenders List functions solely as a directory. Any personal information provided to our partners are never provided to the Lenders List.
If you are experiencing financial difficulty and need advice, visit the Money Advice Service for further support and advice.