Payday loans are very popular in UK because of its online application procedure. Previously these loans are also known as text loans, as they can be applied through mobile text. As these short term loans are approved on the basis of applicant’s monthly wedges and are to be repaid on next pay date, so they are named as payday loans.
These loans have bring great relief for poor credit borrowers as they can also apply for 12 month payday loans. The rationale behind this is that bad credit history of a person tells about his past financial transactions which are of no importance for short term credit. The main factor for loan approval is present financial status of the applicant, if he is in position to repay loan in due course of time then credit score is irrelevant; of course he have to submit proof of his monthly income and savings.
Credit score check in any type of loan is customary now, but you should not worry as we are not going to check it at our level. It is lenders job to perform credit check on you or not. To increase acceptance chance one should keep ready all relevant proofs of income and expenditure.
12 month payday loans are the extended version of payday loans. Here borrower is free to repay loans on multiple number of monthly installments coincides with wedge date. In simple terms we can say that 12 month payday loans are combination of payday and installment loans.
For small monthly earner the scope of taking cash as payday loan is limited as he have to repay in coming pay date. The borrowed fund in this case cannot exceed the monthly savings of the borrower. To solve this issue 12 month payday loans came in existence.
In case of 12 month payday loans the basic concept is Avail Funds Now and Pay Later in small installments. This is very helpful for small and medium income group which are very prone to high street lending in UK.
Although the interest rate of 12 month payday loans are very high due to unsecured funding, but still this is cheaper in comparison to bank overdraft and unauthorized lending.
How to apply?
Application of these loans is very simple and straight forward. You can use attach form with this website for filling necessary details and send it to us. We will share this data with our group of FCA approved lenders, they will scrutinize the info and let you know if they can fund you.
By above procedure you can get free loan quote from many lenders for analysis and comparison purpose. Now you can choose to proceed further or not. If you wanted to quit at this stage, we will never disturb you by calling or through email.
As we do not store your data with us and our lenders who process your application will keep your information fully safe and secure as per UK government guidelines.