Are you in a situation where you need an immediate cash loan? If so, do you know what your options are? In this article I will discuss what options you have if you do find yourself in such a situation.
Which option will be best will be determined first by your credit score. If you have good credit then you should check first with your local bank and/or credit union to see if they can help you. However, if you have bad credit or if you need a 12 month loan for less than £3,000 then you are going to have to look elsewhere for your loan.
The first place that most people look for if they have bad credit and need a loan is to the payday loan industry. These loans are perfect if you need cash immediately. However, they are not so good in terms of costs. The fact is, these loans are the most expensive loans on the market, with the average cost being over 4100% APR. Because these loans are so expensive, you need to take extra precaution that you can do two things:
1) You need to be able to pay off the loan on it’s original due date. If you can’t do this then do not take out the loan.
2) You only need to take out the loan one time. Many people fall into a debt trap by not being able to pay off the original loan on time, then finding that they need to take out another loan in order to not incur late fees. Don’t let this happen to you, as the fees will add up very quickly and hurt you financially.
The bottom line is that 12 month payday loans bad credit can be an option if you find yourself in a situation where you need immediate cash loans and you have bad credit. Just be sure to check all the costs and make sure you can pay off the immediate cash loan on time so you don’t fall into that debt trap.
12 Month Payday Loans @ http://www.12monthloanpayday.co.uk/