FAQ

General Inquiries

Why should I choose your service to apply for a loan over other lenders?

12 Months Loans Bad Credit website is not a lender. We are a loan advertising service or brokerage that works with a large network of direct lenders. Instead of applying to each lender individually, you apply on our website and send your loan request to dozens of lenders. Our team will offer you a lender that best fits your needs!

How much does applying on 12 Months Loans Bad Credit cost?

Our services are free of charge and there are no hidden fees whatsoever.

How fast can I get a loan?

If approved, the lenders usually transfer the money to your bank account within one business day.

What if I don’t have a bank account?

An active bank account is a necessary requirement for getting an online loan. If you don’t have a bank account – but need a loan, you should open one.

Why do you need so much information from me?

The information you provide helps the lenders in our network decide whether to give you a loan or not. Your personal information is safe with us. We protect all sensitive information and keep it strictly confidential. We ban any attempt of unauthorized use.

Do you do a credit check and what effect does that have on my credit score?

Loan decisions are made by individual lenders, but most will do what is called a ‘soft credit check’ which requires just a small amount of information and has no effect on your credit score.

How and when do I find out if I get a loan?

We strive to get you an immediate answer on all loan requests. You should get at least one loan offer within seconds. You will then get a loan offer that will be displayed in your browser.

Can I get a loan if I am retired?

Yes, as long as you have a regular income, whether from Social Security, a pension or a retirement plan, you can qualify for a loan, based on the discretion of each lender.

Can I get a loan if I have bad credit?

We encourage people with both good and bad credit scores to apply for online loans. Of course, the terms and conditions may vary depending on the credit score, but we strive to make the most convenient loan offers available to anyone, whether they have good or bad credit.

Can I get a loan if I am self-employed?

Yes. As long as you have an active bank account and you can prove a regular income, you can qualify for a loan. You do not need a regular job or employer.

Can I get a loan if I had a bankruptcy?

You may still qualify for a loan if you had a bankruptcy in your past.

Can I cancel my loan?

You are under no obligation to accept any loan offer, but whether you can cancel a loan after the disbursement is up to the lender. That’s why we recommend that you read all loan documents thoroughly before signing and accepting the loan.

What if I request my loan on a Friday?

All loan applications made on Fridays are approved on the same day if the application is made in the morning. The money transfer is however made within the next business day.

What loans do you offer?

12 Months Loans Bad Credit offers payday loans or cash advance loans, unsecured personal loans, and installment loans.


Payday Loans FAQ

How much can I get?

You can apply for payday loans in amounts of up to $1,000. We suggest that you consider your financial situation and ask only for an amount you can repay.

When can I apply for a payday loan?

We are open and available 24 hours a day, 7 days a week, so you can apply anytime.

How do I get and repay payday loans?

First of all, fill out the application form for payday loans on our website. You should receive your loan decision within seconds. If approved, the lender will transfer the money to your bank account within one business day. You will be expected to repay the payday loan with your paycheck.

What if I cannot repay the payday loan?

If you feel that you will not be able to pay back the payday loan in time, contact your lender as soon as possible and ask for help. The lender may offer you an EPP (Extended Payment Plan) or a rollover.

Is there an application fee?

The services provided by 12 Months Loans Bad Credit is 100% free of charge. Our lenders provide the loans according to a fee schedule, which will be provided when you are asked to sign your loan application. Examine your agreement thoroughly before you sign it and before the money is deposited into your account.

What will the APR be?

Each lender decides on the payday loan APR. When calculating it, the lender considers the borrower’s background and also the state laws. If your state of residence caps payday loans rates then the APR cannot exceed that cap.

What loan application requirements do I need to comply with?

You need to be at least 18 years old and be a US citizen or permanent resident. Having an active bank account is compulsory. You will be also asked to provide an active phone number. You must have a stable and verifiable income.


Installment Loans FAQ

How much can I get for an installment loan?

You can apply for installment loans of up to $5,000. Each lender, however, will decide how much they will offer you, based on the information you have provided.

Can I increase my chances of getting approved or getting better loan terms by lying in the application?

We strongly suggest not to lie on your application. Our lenders perform a credit check of the applicants and also work with databases that include information on most borrowers. If you lie, you will likely get discovered, and the chances of getting a loan will be considerably diminished.

How many installments will I have to pay?

The number of installments and the terms are worked out between you and the lender. Choose a schedule that will not burden you financially and that you feel comfortable sticking to. Usually, the repayment period is 24 months, with 24 monthly payments.

Can I repay the loan earlier?

Repaying a payday loan earlier will save you money on interest. Before doing that, however, check if your lender applies any early repayment penalties.

What can I use installment loans for?

Unlike payday loans, that are meant to cover urgent expenses, installment loans are usually intended to be used for long-term investments, like home repairing, buying a car, or covering more substantial expenses, like a family event or a vacation.


Personal Loans FAQ

What is the difference between personal loans and installment loans?

The main difference between the two is the loan amount and the APR. For personal loans, you may borrow up to $100,000 for an APR as low as 4.5% and loan terms of up to 60 months. For installment loans, the maximum amount available is $5,000 with the lowest APR being about of 35,99% for a term of up to 24 months.

Can I repay a personal loan in several installments over time?

Yes, just like installment loans, personal loans are repaid in monthly payments, according to a schedule.

What can I use personal loans for?

Personal loans are intended for personal needs including anything from covering urgent personal necessities or to consolidate debts. The borrower can decide what to use the money for.

Can I get a personal loan if I have bad credit?

Most likely, the answer is yes. However, lenders will usually charge a higher interest rate to the bad credit applicant.

What if I am late on my loan payments?

Every lender has a different set of late payment policies and penalties. If you are late on a payment, the lender may charge a late penalty. Contact the lender when you are about to make a late payment before it becomes delinquency or the delinquency becomes a default.


Other Questions

What to do if I didn’t find the question I have?

For any other questions you may have, please use our contact form. Thank you!