Getting A 12 Month Loan Even With Bad Credit

Getting A 12 Month Loan Even With Bad Credit

If you currently have bad credit, it’s more than possible to get a 12 month loan. It doesn’t matter what you’ve done in the past, whether you’ve defaulted, been made bankrupt or even faced prison time. Some lenders will offer you a 12 month loan as long as they can secure their investment and ensure that you are willing to make the repayments. When you get credit checked by the lender, they will assess your individual needs and usually contact you back with an offer. These offers vary and are completely dependent on your past history and how responsible you have been in the past with lending.


For example, your lender could request that you put a valuable possession down as a guarantee that you’ll meet the repayments of the loan. The reason for this is that they want to protect their investment in the case that you fail to pay off the loan, or disappear without contacting them. At the end of the day, lenders are a business and they need to make profits. By asking you to put down a possession in the chance that you don’t meet the requirements of the loan, they are covering themselves of any losses they may incur. Now, of course, if you’re planning on paying back the loan in a responsible manner, you’ll never have to worry about any of this.

Another important point is that if you’re considering getting a 12 month loan with bad credit, you may find that the interest rates are higher and you’ll need to make higher repayments than you normally would. This is perfectly normal. Because you’re a bad candidate for a loan, they are further covering their investment. Because you’ve made a bad decision in the past, you’re now having to pay for it.

The key point here, is to meet the repayments and work on building back up your credit rating – so that you can take out more affordable 12 month loans.

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Primary author at Loan Owl, keen blogger and founder of various finance websites.

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