12 Month Loans Payday Loan Review

12 Month Loans are direct payday lenders and NOT brokers. So if you apply to them you'll get a direct accept or decline response, and quickly. They are a reputable company that has been providing a payday loans service since 2004, with a secure application form on their website.

12 Month Loan's procedure for getting a payday loan is straightforward and quick: 
- submit your online application and then 12 Month Loan ID check you (they do this using your Debit Card details); 
- they'll ask you to sign an online loan agreement BUT this doesn't mean you have been approved just yet; 
- they will call you to undertake final security checks; 
- they will then either accept your application or decline it; 
- they then transfer your payday loan by BACS (this takes up to 3 working days) for FREE or by CHAPS (this is a same day loan transfer) for £25 which is amongst the most expensive that we have reviewed.

You can borrow between £75 - £250 for your first loan. Once your first loan has been repaid in full, you will have the option to borrow more for each subsequent loan. The maximum amount that you may borrow is based on your monthly take home pay.

With 12 Month Loan you can rollover your payday loan by a maximum of 5 times - this means that you have to pay off some of your existing loan before being able to take out another payday loan. Having such a limit is good as it prevents you from entering a spiral of debt and then being trapped in debt.

If you have a less-than-perfect credit history then you may want to give this lender a go because they do not check your credit file. And unlike most other lenders that do not credit check you, they also rarely ask you to fax in documentation such as bank statements or proof of identity (passport or driving licence) or proof of address (utility bills). If they do ask you to fax in documentation then do not panic, it is a good sign. They just need a bit more information to assess your application before they make a final decision on whether to approve you or not.

One great omission on their website is that they have not provided any information about the eligibility requirements necessary in order to successfully apply for a loan. One can assume that the standard requirements of being 18 or older and living in the UK apply, but the lack of information about the employment details such as a minimum acceptable take home salary, form of employment and pay frequency means that prospective customers cannot judge their eligibility before applying and might therefore waste time on submitting the loan application only to be declined a loan.

The Main Advantages with 12 Month Loans: 
- they accept applicants with a Net Monthly Salary of as little as £500 - one of the lowest salary requirements of all payday lenders reviewed at WhichPaydayLender 
- they are one of the few payday lenders that do NO credit checks and also provide a fax free payday loan service.