Has your first salary come in? Or maybe it’s just over? Do you need a financial surplus after changing jobs or are you trying to organize your budget to ensure financial liquidity? Whatever the reason, an installment loan for a year is a good solution for people who have no chance of getting a bank loan. In what companies will you get loans for 12 installments without unnecessary formalities and entirely via the Internet?
Non-bank loans for 12 installments
The popularity of the non-bank loan sector is growing. The flexibility and speed of using loan solutions along with bank loans and credits allows you to apply for high amounts spread over a long repayment period. An installment loan for 12 months is particularly popular. It not only minimizes the risk of late payment of installments, but also effectively relieves the household budget.
This type of commitment is a great alternative to mini payday loans or loans for 60 days, which are associated with short-term repayment periods. Therefore, a loan for 12 installments, as the name implies, involves borrowing cash and paying it back in 12 monthly installments.
You will receive non-bank loans for 12 installments by submitting an online application, but also by going directly to the lender’s outlet.
Loan for a year – requirements
An installment loan compared to bank loan commitments allows faster debt repayment without detailed customer verification. We mean a simple way of reasoning and small requirements :
- Being 18 (some loan companies provide support after the age of 21),
- permanent residence in Poland,
- having a bank account to which cash will be transferred,
- positive creditworthiness,
- telephone number to verify customer data,
- full capacity for civil law transactions,
- having a permanent source of income. All you need is a statement about your earnings. As a result, when applying for a payday loan, the borrower does not have to provide a certificate from the employer or an extract from the pension or other documents.
It is worth remembering that each lender can impose its own additional requirements, such as the upper age limit of 65 or 75 years. Also, unemployed people who do not receive regular income under an employment contract, work or job may have trouble getting a loan. This does not mean, however, that they are in a lost position. Loan companies verify each application individually.
Is it profitable to borrow for 12 installments?
Due to some financial risk, many loan companies verify their clients in the economic information databases: BIK, BIG, KRD or ERIF before approving the application. Often, people who have considerable financial problems and a debt collector reach for a quick injection of cash. While the bank at the start deletes such customers, so non-bank institutions have a certain chance to receive a loan. Although in fact it may involve some restrictions, e.g. lower than the target amount of the contracted amount.
Choosing a cheap installment loan is not so simple. A large number of offers makes it difficult to figure out the most attractive offer. For 12 months you can easily borrow 1 thousand $, and even 10 thousand zł. However, for it to be profitable, consider:
- minimum and maximum loan amount
- total cost of loan repayment, i.e. APY. The lower the APRC, the more profitable the loan!
- monthly installment amount,
- fees related to extension of the repayment date,
- costs resulting from late repayment of the loan,
- maximum interest rate. In annual terms, it cannot exceed 10%,
- opinion of former and current clients of the loan company,
- creditor credibility. The list of legally operating companies is in the Register of Loan Institutions on the PFSA website!
Best loans for 12 months
There are more and more companies on the loan market offering instant loans spread over a longer repayment period. After all, extra money is a remedy for many financial problems. At the same time, it is a convenient form of commitment for crowds of people. So, answering the growing interest, we decided to create a ranking of the most interesting offers payday loans for 12 installments.
Instant payment for 12 installments – how to borrow wisely?
We are aware that fate likes to play tricks and sometimes there is no way out – you just have to borrow money. Not all plans, dreams, and even current or sudden expenses can be financed from own savings. That is why accurate lender verification is not enough. It’s always good to follow the guiding principles.
- Measure your strength. You can’t afford a loan = don’t take it! Despite the annual repayment period, remember that every month you should transfer a fixed monthly installment to your loan company!
- Do not sign the contract if you do not understand it. Before agreeing to all the terms of the loan, read the contract carefully and pay special attention to the information in the form. The signature you submit in writing is tantamount to acceptance of all conditions set by the lender,
- Do you have several outstanding loans on your account? Don’t take another ! Use loan products consciously and wisely. Therefore, if you can barely make ends meet, give up borrowing. Skillful separation of desires from real needs simply pays off,
- Think carefully about the loan amount and repayment period. When completing the application, think about the amount you want to borrow, which you actually need. Don’t make too much money that you may have a problem paying back. Thus, you will avoid many unpleasant situations.
Loans for a year – summary
Knowing what potential dangers await future customers, let us also mention the benefits of the non-bank loan itself.
- You will submit your loan application 100% online. Just complete the basic data and pass the positive verification,
- Invaluable support in urgent financial needs,
- A quick loan decision. The reply message is almost immediate, as is the withdrawal. Sometimes, however, you have to wait 1 or 2 days for money. It all depends on the Elixir session and the individual situation of the client,
- Minimizes the risk of delays associated with one-time payment of the entire borrowed amount,
- The annual repayment period is a great opportunity to find a well-paid job or an additional source of income. The possibilities are many: from tutoring, childcare to copywriting,
- By choosing a 12-month loan, you can gain time to thoroughly analyze your financial situation. In this case, it is a round year, and not just like quick payday loans – only 30 days.
All in all, a 12-month loan is a great option to mend your budget when you don’t have a chance to get a loan from a bank. Remember that such a commitment as any other requires responsibility and reasonableness. Then, in fact, a quick payday loan will be an effective remedy for all financial problems.