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If you (like I was a few months ago) are pretty new to idea of 12 month loans then you are probably wondering what they can actually be used for and when they could be useful. Obviously this is a very open ended question and the answer varies from person to person but to sum up a lot of people will use a 12 month loan for a medium sized purchase such as a new TV, a car, a holiday (if you’re really lucky) or possibly furniture just something that you would basically need to save up for 12 months roughly to afford. It is quite an old fashioned opinion to think that taking a loan out is risky and that people should be saving up the money for such expenses in stead of just borrowing however for young professionals these days even those on good money will struggle to afford such things due to the increasing cost of living which means that taking out a 12 month loan could be a very viable option as someone in that position clearly has a reasonable monthly pay packet but just not enough to pay out right for such things.

There are also such loans as 3 month loans which are similar only you pay a much higher monthly figure and it only lasts for 3 month but it seems more people are opting for the 12 monthly payments due to the reduction in monthly costs which really does take the stress off. It also makes the debt more manageable and means you are less likely to miss a repayment and end up with huge charges and interest rates.

The exact amount you can borrow can be anywhere between £100 and £2000 so they really can cater to a lot of people whether you need just a bit of cash to keep you going till payday or if you need a lot of money to help you on a large purchase. Similarly to instant payday loans these 12 month loans are a fairly quick process and you could have the money in your account in a matter of hours.