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When surfing the Internet searching for lenders, you may come across 12 month payday loans.

Such an offer may seem unusual to you because of the loan terms.

Let’s figure out what such offers actually are.

12 Month Payday Loans

What Are 12 Month Payday Loans?

There are lots of different types of loans, and now we will figure out what payday loans are.

Those are the money that you borrow to repay everything back from your next salary; therefore, the term of such loan usually does not exceed 31 days.

If we are talking about loans that you pay back over several months in small installments, they are installment loans then.

So, how can 12 month payday advance actually exist?

The thing is that you can pay the monthly payment right after you get your paycheck.

There is no need to provide collateral to get this type of loan.

It is also possible to find lenders who ask no fees for early payments.

What Are the Main Features of Such Loans?

This type of loan is the best choice for people looking for the amount of up to several thousands of dollars to pay everything back gradually.

While bad credit can be a problem, it is still possible to get the money because some lenders run no credit check.

Such loans are suitable only for people with a stable job, and if you are an unemployment person, you should be looking for other financial solutions to manage your financial difficulties.

There is no need to go to a land-based office to apply for this type of loan because there are many lenders operating online.

How Much Will You Pay?

The amount of your monthly payment is estimated based on different factors, including the following:

  • The amount of loan;
  • The interest rate.

If you apply with direct lenders, you may get an idea of what conditions will be offered to you before applying.

There are also lending platforms that allow applying with several lenders at once.

Generally, the exact conditions will be determined for you only after you submit your loan application.

For instance, if there is something that the lender does not like, one may offer you different conditions, such as a lower amount of loan, a shorter loan term, and a higher interest rate.

You should check the conditions of a loan agreement carefully to make sure that you find them reasonable.

How to Increase Your Chances If You Have Bad Credit?

Some lenders will want to charge you more if you have a poor credit history.

You are still required to have a steady job and a good level of salary to get the loan.

There are allotment loans available for government employees, so if you are one of them, you can opt for this option.

Also, if you really need the money, but you do not like the loan conditions, you can apply for a secured loan.

In this case, you will have to provide something as collateral.

Your lender will be sure that one will get some profit, so your application will be approved without problems.

Moreover, you can also benefit from better conditions.

Robert A. Miller

Robert A. Miller

Robert writes about payday, installment and personal loans. He loves helping readers figure out how to get loans, pay off and choose best offer. He has been a newspaper reporter and editor, authored four personal finance books. He is a great asset to RiverCityIdaho.
Robert A. Miller

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