A Comparison of One Year Loans

If you'd like to borrow money, but don't want the hassle of repaying off your loan for many years, having a load of 12 months could be the ideal situation for you. Read below to learn how you can compare twelve-month loan lenders and ensure you find the best 12 month loans company for your needs.

Having a one-year low may be the ideal situation if you'd like to borrow a significant amount of money, but don't want commitments of a longer term loan which may last for several years. But, because of the sufferer of one year loans that are currently available in the marketplace, it's crucial that you find the cheapest loan, so you can keep the cost of your borrowing has lost possible. Here's how:

Finding the best 12 month unsecured loans

A loan for 12 months may be a significant commitment for some, so it's important you get the best deal on offer, so you don't have to pay as much for your borrowing.

The primary costs of having a low over 12 months, is the interest rate or APR that will be charged on your loan. Bear in mind, that having a lower interest rate or APR, you will have a cheaper one year loan.

Many lenders will quote a headline rate, which is a representative example of the payment required for taking out a new loan. But the actual rate when applying for a 1 year loan, will actually depend on the amount you intend to borrow and your current credit rating.

Because of this, it's important you take the time and effort to find the cheapest one-year loan for your personal needs, so your borrowing costs remain lower overall. Before applying the cheapest one year loans, make sure that it suits circumstances.

How much would you like to borrow?

Which best 12 month loans online you choose will also depend on the amount you wish to borrow.

Often, is the case that if you wish to borrow more, you will have a lower interest rate, and the best rates are generally offered on loans above £7500. But don't be tempted to ever borrow more than you actually need, and stretch your finances beyond what you can afford. You can work out how much you'd like to borrow by looking at your own circumstances, and then search for a cheap 12 month loans online for this amount.

Can anyone apply?

It's quite often the case that strict lending criteria will apply to the cheapest one year loans, meaning unless you have a perfect credit rating, and or at a higher earning level that most people, you will not qualify for their best rates. But, if you have a less than perfect credit rating, you may still be able to find affordable one year loans.

Before applying, check your loan application criteria, to ensure you meet their requirements. For example, if you have a bad credit record, or have previous loan defaults on your record, you could consider applying for 12 months loans for bad credit.

Whilst these loans may be more expensive, you'll find that applicants who have less than good credit history, will be looked on more favourably than other mainstream 12 month loan lenders.

What about early repayments?

Many small loans over a 12 month time period, have the flexibility for you to fully repay your loan early. But, different providers have different early repayment charges. there is a chance you may need to repay your one year loan early, it's a good idea to find out how much these fees will actually be.

By weighing up the flexibility of early repayments is important and in certain cases may be well worth you paying for, or if you just want the cheapest loan and are simply happy to being tied in to 12 months of repayments.

As soon as you have decided what you want from your 12 month loans, you will be able to compare similar loans alongside each other. Contact us to find the best one year loan deal.

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