Have you ever confronted a financial crisis? I don’t think anyone of you can answer “NO” here. We all face financial problems once in a lifetime and can’t make up our spending with earnings. There are many unanticipated expenses and event which may occur in life anytime.

Life is full of uncertainties. What will be your response to such expenses? Yes, the answer could be Payday loan i.e. the loan given before your salary day. It is a boon for people with fixed income. The procedure of getting this type of loan is very simple like borrowing money from your friend.

Let’s say you are searching for a loan that is just good for you but you are facing trouble to get one which can fit your needs. Well, in this case, 12 month payday loans might be just what you are searching. You would be shocked to know how many people never heard about it, or to what extent it can help you. It is very helpful to anyone who is looking for a loan.

Reasons to consider 12 months payday loan

  • Easy Application: You can easily apply for this type of loan online without many hurdles. The eligibility criteria are very simple; therefore anyone can apply without any restriction. After getting approval, the amount will get credited in your account within 24 hours.
  • No Credit Check: Yes, you got it right! When lenders provide these types of payday loans, they are not concerned about your credit score. Hence, the credit check is not an issue here. This is one of the reasons behind becoming it more popular. Someone even with very bad credit can avail this loan. Since the credit score is not a parameter here, more and more people can get this loan that they need.
  • No Guarantor or Broker needed: Like other loans, these types of loans can also be applied without any third party just like people used to apply for very bad credit loans with no guarantor and no broker. Here, financial urgency matters the most, not another way around.
  • Easy Repayments Option: Repayment is very easy for this type of loan. You can slowly pay back without any hassle and it will not have any impact on your monthly income. It is very easy to make a payment plan with 12 months payday loan than other types of loan.

You might be thinking that everything sounds good here. But the fact is nothing in this world comes without a drawback. Therefore, it also has one.

  • High-Interest Rate: As we discussed earlier getting this type of loan is very easy and that too only for a period of 12 months without much restriction put up by the lenders, it is inevitable the interest is charged higher in comparison with other loans.

Where one can use it?

Once you have got the money in your account, it is your decision how you want to use it. This type of loan is not sanctioned for any particular reason because they are part of all-purpose funding. You can use the fund to:

  • Repay your credit card bill;
  • Fund for some unplanned expense like renovation of a house, getting a new car, etc

Although you can make use of this loan for any reason it is not wise to borrow money just for temptations.

A payday loan is a savior for you only if you do repayment on time. Also, try to repay your loan as fast as possible which will boost your credit score. Don’t make this type of taking loan a habit which may lead you in grave financial distress or may be bankruptcy. Learn to manage your financial need without taking any loan.

To summarise it, if you are in a financial crisis and want to come out of it soon then a 12-month payday is a suitable and cheap loan option for you despite very bad credit record. And the best way to search for this is over the internet. There are many online lenders who are providing this type of loan and at times it becomes challenging when we have multiple options. Hence, compare all the benefits offered by different lenders and choose which suits you best.