In order to meet with the financial discrepancies, the lenders of UK have formulated several plans. The loans over 12 months are one of the most popular loan deals that are available in the country. These loans come with the advantages of the payday loans but their repayment is very easy and simple. They do not need to be repaid on the next payday. Instead the borrower has whole 12 months to make the repayment. The installments are divided into 12 payments that also include the interest charges charged by the lender.

The lenders do not check the past credit history of the borrower when he processes the loan application. It does not matter even if the applicant suffers from adverse credit tags including arrears, defaults, insolvency, bankruptcy, IVAs, CCJs, missed payments and more. He would still provide them with the desired funds.

The 12 month loans are available in two categories-secured and unsecured. The borrower can choose among the two depending upon his needs and requirements. He can make this choice depending upon the fact whether he wants to pledge collateral against the loan amount or not. In the absence of security, he can avail funds through the unsecured loans over 12 months. These loans are offered at a higher interest rate as compared to other varieties of loan plans available in the market. They are risky for the lender.

On the other hand, if the borrower wishes to borrow funds by pledging security, he can opt for the secured loans over 12 months. Under this category, they would be able to avail huge funds and at a cheaper interest rates. These loans are risk free for the lender. The collateral must be of the same value as the loan.

The 1 year loans are best available through the online mode as they are hassle free and the processing is very fast. You need to visit the website of the lender and fill a simple application form that is available there with your personal and employment related information. Once this form is submitted, the lender verifies the details and approves the loan, if satisfied. The whole process does not take more than 24 hours from the time of applying.

However, the applicant needs to meet a few requirements before he actually applies for these loans. They include his permanent residency, attainment of the age of majority, employment and stable earning and holding a bank account in the UK. If these requirements are met by the borrower, his loan application would be approved without any trouble.

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