Loans for 12 Months

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Should I Look at Loans for 12 Months or Less Time?

When we are looking for loans it can be difficult to know how long we should be looking to repay it for. There are loans that are available to repay over decade, years, loans for six months or even $300 loans. Knowing which might be the best for us can be pretty tricky but there are things that you can consider which should help you to figure it out.

How much would you like to borrow?

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Check Your Finances

Before deciding whether loans for 12 months from Adherents or other lenders are right for you, you need to think about what your financial situation is like. It is a good idea to look back over at least a few months to see what is normally going on. You need to look at how much money comes in things like pay checks and welfare and any other income that you have. Then look at what you spend your money on. Consider splitting that spend into necessities such as rent, utilities and taxes and luxuries such as vacations, jewellery and entertainment. The reason for doing this is that you will then be able to know what you have to spend money on as you can cut back on the luxury items if necessary. Then you can use the figures you have to calculate how much you can afford to repay if you take out a loan. It might be that you will be able to repay quite large amount or that you can only afford small amounts. Make a note of how much the amount is.

Consider What You Can Afford

You may then think that you can go and look for loans for 12 months and you will know how much you can afford to repay. However, you need to be a bit more careful than this and plan a little more. You do not want to risk the fact that you may not be able to afford a repayment. This is because any missed repayments will be expensive as you will be charged fees for them. This is something that you want to avoid if you can as you will have to pay some interest and fees for the loan anyway and you do not want to have to pay even more if you can help it. You will also find that it will show up on your credit record too and make future borrowing harder.

It is worth also thinking about how you might manage if you had a particularly expensive month or one where your income was a bit lower for some reason. It could be that you have certain costs that only come in a few times a year or that your work is seasonal and so you cannot earn the same amount of money all of the time. Consider whether this might be the case for you.

Once you have thought all of this through, you should be in a position where you will be able to decide how much you will realistically be able to afford. This will allow you to move on with your decision making about whether the loans for 12 months will be a good choice for you.

Check out the Loans on Offer

Once you have worked out what you can afford in the way of repayments, you will be able to start looking at the different lenders to find out which has the loan that will suit you the best. It is wise to find out how much you will be expected to repay and then put together a list of lenders of loans for 12 months that you will be able to afford to use. Once you have the list you will want to start comparing the different lenders so that you can choose the one that you think will suit you the best.

It is worth thinking about the different things that are important to you so that you can compare them for those. For example, you might be interested in choosing the lender which is the cheapest. You will need to calculate how much they are charging so that you can decide which one will be the cheapest. You might find that they will have a calculator where you can work this out but if they do not you will either have to work it out for yourself or contact them to ask. It is also worth finding out how much they will charge if you miss a repayment. You will probably hope that you will never miss a repayment. However, it is a good idea to plan for the worst and think about the consequences of not paying in the rare chance that it might happen. You want to make sure that you do not sign up for a loan where the penalties for not paying are extremely high compared with other lenders.

Some people will also be interested in finding out more about the lender themselves. They will want to make sure that the lender will treat them well perhaps, that they can be trusted, come recommended, have good customer service and things like this. You may be able to find out some of this information on the lenders website and if you contact them but you may also want to see whether you can find anyone that will be able to tell you about their experiences with this sort of lender and let you know how they got on. Reading some online reviews might also give you some information as well.

Why Use Us?
How much do you offer?
$100 - $5,000
No charges
Approval Chance?
Good
High approvals!
Is poor / bad credit accepted?
Yes
All can apply
How do I get a loan?
Apply Online
2 min Application
Do I pay it all back at once?
No
Easy repayments

Alternatives

You may wonder whether 12 months is too long a time to owe money for. Some people are not happy with owing money and prefer to get their installment loans online repaid as quickly as possible. This means that taking out a loan for 12 months may just seem that it will take too long for them.

If this is the case with you then you might like to look into getting a loan that does not last as long. You will need to be careful though. If you are taking on a loan with a lower repayment term it will mean that your repayments will be higher. For example, if you decide that instead of a 12 month loan you will take a 6 month one, you will end up having repayments each month which are almost twice as high. Therefore, you will need to be confident that you will be able to cover the cost of those repayments.

Another option is that you borrow less money. If you borrow half the amount then your repayments will stay pretty much the same but you will repay in half the time. However, if you need a certain amount of money then borrowing less may just not be an option for you.

So, whether a 12 month loan is right for you or not will really depend on how much you need to borrow and how much you can afford to repay. You will need to look carefully at what you can afford to repay and then you will be able to make the decision about whether these unsecured loans will suit you. It is a very personal thing as it just depends on what you can afford. It might be that you will be able to cut back your spending in some areas to be able to more easily afford it. You will need to make sure that you have a plan for this though and that you stick to it carefully or else you may find that you struggle with the repayments. This is not something that you want to do as it will not only look bad on your credit report but it will also mean that you will end up having to pay more fees. It is therefore wise to spend some time calculating what will be the best for you and then comparing lenders to find the right one to suit your needs.

This will all take quite a long time but it will be worth it. You will be able to find out whether you can cope with a loan and it will mean that you can enter your borrowing with an air of confidence. It will be really reassuring knowing that you have done lots of research and that you know that you will be able to repay the loan. It will feel even better if you have a back up plan should you start to struggle with the loan repayments. This can be anything from ideas on how to earn more money to ideas on cutting down spending. There are all sorts of things that you can potentially do and it is well worth having a think or finding out things that other people try so that you can protect yourself financially. If you know that you can cope with a loan and have a back up plan just in case you do not it means that you will have a much better borrowing experience. You will feel happier and more relaxed which will even be better for your health.