How 12-Month Loan Can Ease Your Life

by Emma A. Financial Writer

Are you ready to tackle those credit card debt and other bills in 2019? If this is the year you plan to become debt-free, you can begin by reading about 12-month loans to eliminate debt from your life.

12-Month Loan

12 Month Loans are unsecured loans that are given out for a period of 1 year, as the name refers. These loans are quite popular in developed economies such as the UK and USA. A 12-month loan can be taken to meet immediate expenses such as tuition, medical emergencies, or any other unexpected charges. There is no exact equivalent of a 12-month loan. This loan helps to manage several debts and then segregating it in instalments to lead a debt-free life.

Features of 12-Month Loans

•    The loan can be availed by applying an online application.
•    These loans can be availed for a maximum period of 1 year.
•    Applicants with a bad credit score can also apply as 12-month loans without a guarantor are available in the lending market.
•    These loans are very popular in the UK.

Benefits of 12-Month Loans

•    The loan approval process is quite faster than other loans.
•    The loans can be paid back in instalments directly from the borrower’s account.
•    These loans are great for meeting immediate and long-term expenses.
•    Applicants with a bad credit score can also apply since there is a soft credit check done to determine eligibility.

How 12-month loans work?

The applicant first connects to a lender or a loan broker for 12-month loans or 12-month loans for bad credit. After that, the application of the applicant is inspected and discovered suitable to grant a loan by the lender the borrower receives the credit. After that, he can choose the mode of repayment. They can either instruct to directly cast the credit from their bank accounts through auto debit option or, they can choose to pay in cash every month.

Debt Consolidation with 12-Month Loan

Debt has a deceitful way of snowballing and soon, the eternal worry of making payments start to seep into distinct aspects of a borrower’s life. Keeping track of various loan payments is also a hassle. 12-month loans for debt consolidation condense multiple debts into one bill that has to be paid on a cyclical basis. Also, the interest rate that will be charged on the loan will be distinct. Hence, 12-month loan for debt consolidation can prove to be a viable solution.