Are you living pay check to pay check?
Are you constantly faced with unexpected occurrences such as car and house repairs?
With no money left, your only option may be asking a family member or friend to borrow money. However, you just realised that you still have a few outstanding debts with those individuals. You are now left to power on whether you can obtain a small, short-term loan in a limited time period. Many companies can meet your financial need through the provision of 12 month loans with no credit checks no guarantor from a direct UK lender.
What are 12 month loans with no credit check?
Twelve month loans are short-term loans which allow you to borrow ups to £1,500 to cover expenses such as car repairs, house rent, or pending bills you may have had to delay due to a lack of funds.
Requirements for securing 12 month loans with no credit check
- To qualify for a 12 month loan, you must be:
- UK citizen
- 18 years old+
- Active bank account
Whether you have good, bad, or in-between credit score you can still apply for a loan as long as you fulfil the loans prerequisites. Applying for these loans is a very simple no guarantor by a direct UK lender. Visit the website of any 12 month loan provider, and complete the loan application. The form requires you to choose a loan option. These options include: Payday loans, cash advance, debt consolidation loans, consolidate a bill, home improvement repairs, auto-loan, and bankruptcy.
After selecting a loan option, you will be asked to provide the loan amount, your name, address, date of birth, home status, driver’s license information, cell/home/work phone numbers, e-mail, and the best time to call. Furthermore, you will be required to complete minor job or bank details.
Pro’s and Con’s
When applying for a 12 month loan no guarantor no credit check from a direct lender, you are not required to pledge collateral or security. Additionally, you do not have to worry about your credit rating, since the application is weighed heavily on your job security and your ability to repay the loan. Another great benefit of these loans is that your application can be approved within a matter of hours. Unlike traditional bank loans which can take a few days or weeks depending on the type of loan you are applying for.
Although your application may be approved within a few hours, you need not worry about having to repay the loan right away. You will be given a loan repayment tenure of one year.
For example: If you were approved for a loan in March, you would be required to repay that loan by February of the following year.
You can opt to pay the loan off within days or weeks of your approval; or you can repay the loan via monthly instalments. The only downside to acquiring a 12-month loan is the interest rates you are required to pay on the principal borrowed.
Note: Interest rates vary from lender to lender and may increase if you decide to extend your repayment plan for the duration of the one year tenure.
As one of the most feared words in both the dictionary and the financial space, bankruptcy is a very serious matter and one that is extremely difficult to bounce back from.
First off, just how does bankruptcy occur?
Bankruptcy is due to debt and to put it even more clearly, debt that hasn’t been managed and reached a state of being out of control.
When does bankruptcy occur?
It occurs when both debt consolidation and debt settlement have tried to analyse and assist your debt problem but failed to do so within the time frame of five years. Sometimes, a debt settler or consolidator will advise you that it’s better to declare bankruptcy than try and pay your creditors back. That only occurs when you’ve hit a bad state of debt and cannot find a way to them back.
Generally, bankruptcy laws were adjusted and rewritten to give individuals a chance to fix their debt status. This was primarily implemented for those who experienced financial troubles such as losing their jobs, an illness that allowed for immense medical bills and a divorce. Filing for bankruptcy when you know you can’t find any way to pay back your debt is not necessarily a negative thing, but can assist you and stop foreclosures, debt collections and wage garnishing to get rid of debt.
When legal action is taken against you it can be a scary thing and declaring bankruptcy might just assist you with getting out of your situation.
Two main types of bankruptcy
- Chapter 7 bankruptcy – This type allows you to receive a chance to receive a court judgement. This ultimately retracts you from paying your debt and allows for you to keep your key assets that are considered as exempt property. There will, however, be a list of your assets or possessions that will be sold to pay back a part of your debt. In some cases, depending on which laws are implemented, you may be able to keep most, if not almost all your possessions. Exempt property includes your home, main car, pensions, work/ business equipment, veteran’s benefits and retirement savings. These can thus not be sold to pay off your debt. Non-exempt property includes cash, stocks, investments, bank accounts, a secondary car and a secondary home.
- Chapter 13 bankruptcy – Making up roughly about 30% if individual bankruptcy filings, it involves repayment of some of your debts. This type is declared by those who do not qualify for Chapter 7. Filing for Chapter 13 is only applicable if the individual’s debts do not exceed a specific amount. When under Chapter 13, one must create a 3-5-year payment plan for all creditors. Once this plan is implemented, followed through and completed, you will be debt-free.
When asked about the most irritating factor that exists which revolves around the stock market, answers nearly always conclude to the fact that successful people make their journey look effortless and almost impossible to imitate. While one of the most successful men in the world, Warren Buffet, is no stranger to his high-level of success, he is one such successful individual that best thrives in buying high-quality companies. He usually pairs this with the intent of owning them for a very long time. This is, in fact, a factor that many entrepreneurs and investors seem to get wrong. Most investors tend to sell their investments whenever the market perfectly positions them too. Some even get scared and sells their investments whenever there is a slight change in price to gain a little profit.
According to one of the richest men in America, this wrong and if you want to be successful in any investment, it is important to grant it enough patience for it to grow.
Some of the best investments for buying shares
- Unilever – Investing in a company such as Unilever, is the perfect example of a successful investment and in this case, also a good move. With an impressive range of products such as Ben & Jerry’s ice cream, Persil washing powder and PG tea bags, it is sure to say that Unilever is a prime investment. These brands products are constantly bought and on a global scale too. The main person in charge, Terry Smith, runs Unilever using the same methods Warren Buffet does. Both measure their success in buying companies that make profit daily. We know what you’re thinking… Is ice cream a good investment? We say yes!
- Diageo – As the worlds biggest drinks company, you can already see where we’re going with this, right?
Alcohol, alcohol, alcohol. Money, money, money. No rocket science involved, just good old alcohol. This company’s products include Smirnoff vodka, Johnnie Walker whiskey, Baileys, Guinness and Gordons Gin. Sold in nearly every country, Diageo offers the best opportunity for investment. Since alcohol is one commodity that will never go out of business, this most definitely is considered the most reliable investment of all.
- Reckitt Benckiser – Known as one of the best companies to invest in due to its popularity, Reckitt Benckiser is quite well known when it comes to the products in your household. These include everything from Strepsils to Clearasil, the Vanish cleaning brand, and much more. Recognized as a price setter instead of a price taker, like most of its competitors, Reckitt Benckiser is a force to be reckoned with when it comes to both value for money and its popularity.
With many more making the cut, such as some of the biggest companies in the world which includes Coca-Cola, L’Oréal, Microsoft, Bloomsbury and Procter & Gamble, these three are considered the most practical and easy investments. Especially for those starting out.