12 Month Loans Even With Bad Credit

Date Added: December 24, 2012 10:46:41 AM
Author: Victor Smith
Category: Money & Finance: Advice

Surely this is too good to be true? Well, believe it or not the latest news we have received is that you can still get a 12 month loan no matter what you're credit rating is, this is not something I can personally say I have experienced as I haven't got bad credit but a lot of the providers themselves make it very clear that even if you have bad credit you can still take out one of their 12 month loans. This is obviously hugely beneficial for a lot of people due to the fact that they may have been refused loans or credit elsewhere say for buying a new car but with a loan over 12 months you can take out up to 2 grand and not have to worry about passing credit checks, the only thing you need to worry about really is making sure you have enough income coming in to make the monthly payments. I suppose the only downfall to this is that people in pretty bad financial circumstances can then take out more loans and get further in debt so it really does depend on your own situation as you really do need to be sensible and not just start taking out these type of loans just because they are available as almost every person that does so ends up in a lot of debt which can cripple your financial status for a long long time, even the rest of your life.

You can also improve the rates of the loan you take out by making you sure you use a 'secured loan' which basically means you have to provide assets to use as collateral incase for some reason you cannot make the payments. This obviously does create some risks however it also means that the interest rates are lower and generally speaking you will be able to borrow a larger amount. Bad Press For 12 Month Loans You may be aware that a there has been a fair amount of bad press regarding these loans and many financial sources seem to have got the wrong idea about them. I think we can all agree that you would have to be pretty stupid to take out a loan that you knew you couldn't afford to pay back however the majority of people are not using payday loans in this way and are actually using them quite cleverly to manage their finances.

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