Cash Loans over 12 months
December 13, 2017
What is a cash loan?
A cash loan over 12 months is a cash advance, normally transferred into your account on the same day as the application. Cash Loans are normally below £2500, taken out for up to 12 months. Cash loans are mainly unsecured, meaning borrowers do not have to place their assets against the loan. Every loan has an agreement in place, which states how much the borrower has to pay back each month. Failure to pay back a loan will result in penalties. Before anything is agreed, cash loans over 12 months must be considered carefully.
Representative 546.1% APR. Representative example: £200 repaid over 3 monthly instalments of £134.76. Total charge for credit £404.27. Interest £204.27. Interest rate 546.1% (fixed) APR rates range from 45.3% APR to 1575% Max APR. Your APR rate will be based on your circumstances.
How does a cash loan over 12 months work?
Every application will ask you for your details, including your bank information. The lender will assess your application and take a decision on whether or not you are eligible for one of their loans. In order to get accepted, you must meet their minimum criteria. The interest is calculated based on your credit rating.
Cautions when taking out cash loans over 12 months
Customers who have previously used payday loans, tend to increase the amount and length of the loan. This is fine, however, agreeing to a 12 month payday loan requires more commitment and clever money management. Before agreeing to a cash loan over 12 months, create a planner and include all bills, even your smaller direct debits £10 and under. Also factor in some leeway, for unexpected emergencies – the likelihood is, these will occur over the course of 12 months. Many more factors need to be considered, in comparison to a four to seven, payday loan.
How do I apply?
Use the calculator below to get a ball-park figure on how much you will have to pay overall, and for each month. The calculator allows users to budget well, and avoid any shocks down the road.
[homepage_calculator]
