Do you live paycheck to paycheck? Are you constantly faced with unexpected events, such as car and home repairs? With no money left, your only option may be to borrow money from a family member or friend. However, he has just realized that he still has some outstanding debts with those people. Now it remains for you to think about where you can get a small short-term loan in a limited period of time. Many companies can meet your financial needs by providing 12-month loans.
What are 12-month loans?
Twelve-month loans are short-term loans that allow you to borrow up to $ 1,500 to cover expenses such as car repairs, house rent, or outstanding bills that you may have had to delay due to lack of funds.
Requirements to obtain a 12-month loan
To qualify for a 12-month loan, you must be a US citizen, 18 or older, employed, and have an active checking account. Whether you have good, bad, or intermediate credit, you can still apply for a loan, as long as you meet the loan prerequisites. Applying for these loans is a very simple process. Visit any 12-month loan provider’s website and complete the loan application. The form requires you to choose a loan option. These options include payday loan, cash advance, debt programmi consolidation, bill consolidation, home improvement, car loan, and bankruptcy. After selecting a loan option, you will be asked to provide the loan amount, your name, address, date of birth, home status, driver’s license information, cell / home / work phone numbers, email and the best time to call. Also, you will be asked to fill in your job and bank account information. Once you submit your request, you can expect a response within a few hours.
Pros and cons of 12-month loans
When applying for a 12-month loan, you do not need to pledge collateral or collateral. Plus, you don’t have to worry about your credit rating, as the application weighs heavily on your job security and your ability to repay the loan. Another great benefit of these loans is that your application can be approved in a few hours, unlike traditional bank loans that can take a few days or weeks depending on the type of loan you are requesting. While your application may be approved in a few hours, you don’t have to worry about having to repay the loan right away. You will be given a term of one year to repay the loan. Take, for example, if you were approved for a loan in March, you will be required to repay that loan in February of the next year. You can choose to cancel the loan within a few days or weeks of its approval; or you can repay the loan in monthly installments. The only downside to acquiring a 12-month loan is the interest rates you must pay on the principal borrowed. Interest rates vary from lender to lender and can increase if you decide to extend your repayment plan over the period of one year.