If you belong to the salaried class, you know how difficult it gets for you to live from paycheck to paycheck. It is certainly nothing that a salaried class wishes to do. However, he is spending all his time in earning an income that doesn’t last for more than a week. In such condition, it is difficult to meet all your needs and desires, leave alone the savings part. If you ever need money urgently and do not have a place to go, then you certainly have to depend on loans. But what if the amount is small and needed urgently? Quite possibly, even your social circle is tight on money and you don’t even qualify for a small loan anywhere. What will you do now?
You must go and get 12 month loans in this case. These loans are instant cash loans that can be provided to the people who need it urgently. You don’t even have to worry about paying back these loans instantly. You have a 12 month long time period for repaying the loan because of which you can easily save money and pay back the amount that you have borrowed. It is essential to understand that these 12 month loans are very short term loans. Therefore, the rate of interest is going to be fairly high in this case. You can definitely get an extension on the money that you have borrowed. However, you will definitely have to pay a higher rate of interest if you are unable to pay this loan back. This makes it a little risky for you as the interest is going to pile up over time and your ability to pay back the loan will decrease manifold.
However, even though there are a few drawbacks, we must never forget that 12 month loans really provide you instant cash at any time you need. Therefore, saying that these loans will not work for anyone is not good. Whenever you need a loan, you can simply go online, fill up a form and get your loan approved almost instantly. The 12 month time period is significantly long and anyone who has taken a small loan can easily save the money he wants in order to pay the loan back. It is the longest duration for which any short term instant payday loan will last. Therefore, you can stop worrying and get a loan today!
All the loans that we review or recommend all have:
- Minimum period of repayment: 6 months. We do NOT recommend taking any loan with repayment period of less than 6 months, as you will have difficulties paying back
- Maximum period of repayment: 3 years
- Annual Percentage Rate (APR): less than 12%. Any rate higher than this will negatively impact your finance
- Below is an example of the loan mentioned in this article, with a loan amount of $20,000
|Flat Interest Rate||7.50% p.a. (Effective Interest Rate of 14.39% p.a.)|
|Total Interest Charged for the Loan||$20,000 x 7.50% p.a. x 3 years = $4,500|
|Loan amount + Total Interest||$20,000 + $4,500 = $24,500|
|Monthly Instalment||$24,500 / 36 = $680.56|