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Our use of ‘payday loans’ is for informational purposes only; we exclusively offer short-term loans.
Instant’ refers to our loan decision process, not fund payout; expect same-day payout subject to processing times.

12-Months Payday Loans

My Quick Loan can offer 12-month payday loans. These are short-term loans paid back over a 12-month period.

Taking out a 12-month loan should be used as your last resort when looking for money. On this page will go through all the FAQs and help answer any questions you may have.

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What are 12-month payday loans, and how do they work?

12-month payday loans are a type of short-term loan that allows borrowers to spread the cost of repayment over a period of 12 months. Unlike traditional payday loans, which require borrowers to repay the full amount plus interest within a few weeks or months, 12-month payday loans offer more flexibility in terms of repayment.

These loans are typically used by people who need to borrow money quickly to cover unexpected expenses or emergencies, such as car repairs or medical bills. In this article, we will explore how 12-month payday loans work, the eligibility criteria, the amount that can be borrowed, and the associated interest rates and fees.

What are the eligibility criteria for 12-month payday loans?

Looking for the cheapest payday loans? To be eligible for a 12-month loan you must be:

  • Over 18 years old – we don’t accept anyone under the age of 18 for a payday loan
  • Be living in the UK with a UK bank account – You must live in the UK to apply for a loan with us.
  • Have valid contact information – The lender will need to email you to confirm your loan.

If you have all of the above you can apply for a loan with My Quick Loan.

Apply for a 12-month payday loan with My Quick loan

By completing our quick and easy application, we submit your details to a large panel of FCA-approved UK direct lenders. This allows you to search their whole range of loans with one application form, within seconds. If you are matched with a 12 month loans direct lender, you will then be re-directed to their website to complete your application.

The whole process from hitting the submit button on our application page takes minutes to complete. What’s more to love, our service is free to use! That’s right, you won’t pay us any money for using our website.

What is the maximum amount that can be borrowed through a 12-month payday loan?

My Quick Loan offer loans from £100 to £5,000. These loans can be paid back over a period of 3 months to 36 months depending on the loan value.

If you would like a 12 month loan please select that section on our application form.

What are the interest rates and fees associated with 12-month payday loans?

If you apply for a loan through My Quick Loan we won’t charge any fees, our services are 100% free to use.

Interest rates vary depending on which lender you get matched with and your credit score. Our rates start from 43% and go up to 1333%, this rates will vary depending on your circumstances. You do not have to accept the loan offer shown, this is a non-obligation quote.

What happens if I am unable to repay my 12-month payday loan on time?

If you are unable to repay your 12-month payday loan on time, it can have serious consequences on your financial health. Depending on the lender and the terms of your loan agreement, you may be charged late fees and penalties, which can increase the total cost of the loan. If you continue to miss payments, the lender may take legal action against you and report your delinquency to credit bureaus, which can harm your credit score and make it difficult for you to obtain credit in the future.

In extreme cases, you may face wage garnishment, bank account seizure, or even bankruptcy. Therefore, it is important to carefully consider your ability to repay the loan before applying and to communicate with your lender if you experience any financial difficulties.

Will my credit score be checked?

If you are pre-approved by a lender, then the lender will perform a credit check if you decide to go ahead. So if you’re looking for 12-month loans no credit check, we regret to say that there is no such thing. Every lender has to perform a credit check, but don’t let that put you off applying as we work with numerous who can still help even if you’ve previously been declined.

Advantages and disadvantages of instant 12 months payday loans

Start with the disadvantage as we believe these are the most important when applying for an instant loan online.

  1. High-interest rates – We all know payday loans have interest rates, usually because these are over a short period of time. However, with a 12-month loan, if you are paying high interest for a long period of time, this will mean you’ll end up paying a lot of interest back. So please look at the repayments and the total amount you have to pay back and see if you can afford it. My Quick Loan recommends paying off the fast loan as soon as possible, the quicker you pay the loan off, this should reduce the amount of interest you pay.
  2. Long time to keep making the repayments – A lot can happen in 12 months, for instance, you might lose your job and then you’ll still have to make the repayments with no money coming in.

Advantages of taking a same day loan out over 12 months:

  1. Lowers the monthly repayments – The longer you spread the repayments the lower the monthly repayments will be, making them more manageable. However, as we mentioned above, the longer you take a loan out for, the more interest you will pay.
  2. Could help improve your credit score – Managing payments over a longer period could help represent your ability to commit to financial agreements – improving your trust with lenders, and your credit score. Please note that taking loans same day can also be a negative on your credit score.
  3. Reduce your likelihood of taking out further short term loans – Paying back a lump sum out of your monthly income, could result in shortfalls for your other outgoings such as food etc. making you reach for another loan to tide you over. Managing your payments over a longer and more affordable rate reduces the chances of you getting stuck in a loan cycle.

Further questions regarding 12-month payday loans?

If you have any further questions about 12-month payday loans please get in contact with us or see our FAQ page.

Warning: Late repayment of payday loans can cause you serious money problems. For help, go to