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Compare 12 Month Loans 2018 | New 12 Month Lenders

Compare 12 Month Loans

Intro…

This submission will focus on 12 month loans for bad credit (plus fair). We’ll compose other comparisons to cover low rate personal loan options from banks, peer-to-peer firms etc. Today’s comparison is a continuation on instalments, but rather than several months, we are specifically looking at a year. This is minus doorstep, guarantor and logbook lenders that receive their own categories. When opting to borrow over a year you’ll receive lower interest rates, but the costs are very sporadic across providers. You’ll spot this below with the £1000 charges ranging between £205.22 and £1000. Cheaper rates is a plus and at the same time more modest borrowing sums are suited at this term for manageable repayments.

The first major player to specialise in bad credit personal loans was Everyone Loans. They popped up on the high street in 2006. As back then, the application needs to be completed face-to-face. They aren’t included below since their minimum term is 24 months. Pounds to Pocket was one such notable brand that popped up in 2010. They were the first to offer same day payouts on sizeable sums (originally 24/7). TV advertising helped to put them on the map, but it is Sunny that is the dominant force today, although Oakbrook’s Likely has been making significant recent gains. The subprime giant (Wonga) has never opted to target this niche.

Compare 12 Month Loans 2018…

Alexa Traffic Rankings & Facebook Fans…

1) Sunny.co.uk: #10,400 | 14,500+
2) SafetyNetCredit.com: #12,021 | 3630+
3) MyJar.com: #20,265 | 19,700+
4) PoundstoPocket.co.uk: #23,578 | 62,800+
5) SatsumaLoans.co.uk: #24,488 | 8500+
6) Oakam.com: #38,576 | 2280+
7) LikelyLoans.com: #41,265 | 2950+
8) BambooLoans.com: #43,641 | 450+
9) Peachy.co.uk: #45,543 | 29,100+
10) Drafty.co.uk: #53,557 | 220+

*Alexa (UK) rankings and Facebook counts are shown as indicators of market share and web popularity.

Cheapest Deals…

/£1000 (365 days) | Range: £205.22 to £1000

Top 10 12 Month Loans for Bad Credit & Fair…

1) AvantCredit: £205.22
2) BambooLoans: £235.72
3) Tappily: £255
4) LikelyLoans: £278
5) GeorgeBanco: £285.56
6) SafetyNetCredit*: £320
7) OnStrideFinancial: £385.88
8) Oakam*: £394.53
9) Maxcroft: £419.96
10) JuoLoans: £435.90

*Hypothetical examples are starred. This is when £1k wasn’t available at 12m.

Most Experienced and New 12 Month Lenders…

1976…
Maxcroft

2000…
StreetUK

2002…
TheOneStopMoneyShop

2004…
Sunny (as 1MonthLoan)

2005…
FairFinance

2007…
Oakam

2009…
MyJar (as TxtLoan)

2010…
FastLoanUK
KabayanFinance
PoundstoPocket

2011…
Peachy

2012…
AnicoFinance
NextCredit
QuickLoanShop

2013…
AvantCredit (as SpringCoin).
GeorgeBanco
LikelyLoans (as GuarantorUs)
SatsumaLoans
Savvy (as LightningLoans)

2014…
Auden (as Uberima)
BambooLoans
OnStrideFinancial
SafetyNetCredit

2015…
H&TFinance (pawnbroker since 1897)

2016…
Drafty

2017…
DotDotLoans
In-SyncCreditServices
JuoLoans
Tappily

Total Brands = 29.

Weekend 12 Month Loans: Open Saturday and Sunday…

1) Drafty: Sat/Sun (7am-10pm)
2) MyJar: Sat (8am-6pm), Sun (9am-6pm)
3) AvantCredit: Sat/Sun (9am-6pm)
4) PoundstoPocket: Sat/Sun (10am-6.30pm)
5) Peachy: Sat/Sun (10am-6pm)
6) FastLoanUK: Sat/Sun (9am-5pm)
7) JuoLoans: Sat (9am-5pm), Sun (10am-4pm)
8) Sunny: Sat/Sun (10am-3.30pm)

*Sorting by latest Sunday closing times or longest range if tied. Once approved, 24/7 funding is available from Drafty, SafetyNet and Tappily. Others may payout 24/7 (subject to approval).

Niche Queries…

What Is a Manageable 12 Month Loan Amount?: It always makes sense to keep that monthly repayment small to lower the risk of default. If you were to opt with £1000 then the monthly repayment would range between £100 and £170. If you were instead to go with £500 then the repayment would split as £50 to £85. This makes £500 an ideal choice to go with. For a sizeable loan of say £2000 you’d be better off using a lender that offers a few extra years to spread the cost. Likely Loans is a good shout for this since they extend to 5 years and they are the cheapest subprime option featured today.

Who Offers 12 Month Loans for Very Poor Credit?: There is always the chance of approval with any of the companies featured today. You would however have a much greater chance of acceptance with added security through a guarantor or logbook loan. You could also look at other ways to source funding such as a subprime credit card. This will enable you to rebuild trust and if you take other steps to clean up your profile then you’ll have a much greater chance of funding in the future, including for more competitive low rate deals. It is always important to also be Electoral Roll listed and making sure that your banking is managed well (for when statements are requested).