At least some incidences come along and make you have the need of securing a loan to settle the financial crisis that you might be experiencing. For emergency cases, you will be required to seek for short-term loans or payday loans because they are the only kind of loans that can be given within the period you need them more so in cases of urgency. The most appropriate kind of loan that will save your emergency situations is the 12 month payday loans. If you are thinking of getting a 12 month loan and you are still not sure if the loan will benefit you, then you are in the right place. In this article, we outline the various advantages of 12-month payday loans.
One of the greatest advantages of 12 month payday loans is that they are easy to access. Once you have applied for the loan and agreed to the terms and conditions of repayment, you will receive your loan almost immediately as long as it is a working day. The loans take a short time to get approved, and if applied late the next business day you will be able to receive money.
Lower interest rates
Compared to regular payday loans which have strict loan terms and high interest rates, the 12 month payday loans have relatively better loan terms and lower interest rates because of the high success that they have achieved.
No automatic payments
The other significant benefit about the 12 month payday loans is that the lender does not automatically withdraw money from your account directly to repay the loan. The loan allows the borrowers to repay the loan conveniently, but the minimum amount has to be taken into consideration. This aspect allows the low-income earners to pay their loans easily without straining.
Do not need credit history
This is one reason as to why most people have preferred to borrow the 12 month payday loans. The lenders do not consider your credit history before they approve your loan. Even with a bad credit history, you will be in a position to receive the funds. The primary concern about the lenders is whether you will be able to pay back the loan.
Offer of incentives
The 12 month payday loans have become very popular, and many lenders are now available in the market. For the lender to be able to compete favorably with their competitors, they decide to give incentives and loyalties to entice more customers or even make their current customers happy.