There are some phases of life when you have to face mandatory expenses other than your regular ones. If you keep enough savings into your account, then controlling these expenses would not be a problem for you. The problem occurs when your income is sufficient only for day to day financial activities and you do not have extra funds when a financial emergency comes to your life. Surely, you may look at your friends or relatives for some funds, but they have their own financial limitations. Seeking for the loan would look more suitable in such scenario because the marketplace does have an option for your personal needs – 12 month loans.
These are also called as installment loans where the repayment of the loan is done through easy monthly installment. These loans are largely applied during the bad credit or unemployed situation. Sometimes, people apply for the loans as they have the need of quick funding access.
There are many such features of the loans, which should be highlighted here:
Online Application procedure is at your convenience
When you are seeking for the loan, your foremost concern is the application procedure. A long process would not help you during the financial emergency and you not able to fulfil your requirement of quick funding access. On the other hand, if you apply through the online procedure, you can submit the application more quickly and without much documentation. In addition, you also have the chance of getting funds early to your deposit account because the lender can verifies everything on the internet.
Guarantor’s absence not affects your loan application
Providing a guarantor has been a determining aspect of the loan approval. In most of the time, the applications are rejected due to the inability of the borrowers in finding the guarantor. But now things have been changed at the marketplace. There is no such compulsion ahead of the borrowers and they can directly apply for the loans, despite no guarantor is available to back them in the loan repayments. It is the reason why no guarantor loans for bad credit people are gaining preference.
Competitive interest rates on the loans is quite possible
It is another major factor that makes 12 month loans a convenient funding option for the borrowers. The loans with high interest rates would not help the borrowers in easing their financial burden. They have to search hard at the marketplace or they can do an online research to find out the lenders with competitive interest rates on the loans. The UK marketplace definitely has the lenders, who fix the lending rates depending upon the borrowers’ financial capacity.
An instant financial help for the unemployed
The phase of unemployment is the most difficult one in the life of an individual. It brings a financial drench where the people do not have funds to carry on their financial activities. They definitely have the assistance of government’s benefits, but still they need funds for more financial stability. It can be their fortune that the marketplace has the option for them, which comes as instant cash loans for unemployed. These are the small loans where the lender quickly approves the loan applications and allows an instant fund transfer for the jobless individuals. Remember, these loans are only for the small amount to borrow.