Do you need to borrow between £100 and £7,500? Did you know that, if you borrow the money you need over 12 months rather than 3 years, you’ll pay a lot less interest on your loan?
If you can pay off a loan in a shorter space of time and the repayments on your loan don’t cause you or your family any financial hardship, you could be quids-in with the amount of money you save by paying off your loan quicker.
It’s always better to keep as much of the money that you’ve earned as possible in your own pocket. That’s why loans with shorter repayment periods (like our 12 month loans) are a popular choice for Growing Power customers.
If you have an emergency requirement for a loan, then payday loans, although convenient, aren’t always that suitable. Think of it this way – if you take out a payday loan, you’ve got to pay it back in full plus the interest within 35 days at the very most. That’s a lot to come out of your bank account all at once, especially if you’re trying to cope financially with an emergency or unexpected bill.
12 month loans are available through direct lenders but you might be better off applying instead through a broker such as Growing Power. Why is that? It’s because a broker will use their knowledge to only approach the specific lenders they work with where there appears to be a higher chance of your loan being approved.
Brokers decide exactly which lenders to approach based on the information you tell them on the application form and because of what their lenders tell them about the types of borrowers they prefer to work with.
You can borrow the money safely as long as you’ve checked your finances before you apply and you know that you can comfortably meet the monthly repayments.
You get a bit of breathing space with a 12-month loan that you wouldn’t get with a payday loan or a 3-month loan or 6-month loan. That’s because you’ll have more money left in your bank account once the repayment has gone out because the size of the repayments are lower (even though you’ll pay more overall in interest).
Do you have a poor credit rating? Our lenders offer 12 month bad credit loans to borrowers who apply through our service, with repayment plans designed to fit around their personal and financial circumstances.
Financial Conduct Authority (FCA)-regulated and authorised lenders have to carry out a full credit search when they’re deciding whether to approve your application or not. Please be aware that no credit check loans are not regulated by the FCA.
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However, for many of our lenders, it’s not just all about your credit report anymore when they’re making a decision although your credit report is still very important to them. They also take into account how affordable the repayments are, how stable your employment is, how long you’ve been at the same address, and so on.
Please note that, while many of our lenders do take a wider view of you and your life than they can see on your credit report, we cannot guarantee that you’ll be accepted for a 12 month loan.
How do we know which short term loan lender to place you with? Every time a new lender joins our panel, we ask them certain questions like – how much do borrowers have to earn, what’s the minimum and maximum amount you’ll lend, and so on.
When we receive your details via our loan application form, we take care to match up the details you’ve given us to lenders who are looking for borrowers like you. We then automatically transfer you to the website of one of our lenders who has indicated that you might be eligible for one of their 12 months loans.
This lender will run a full credit check on you. They’ll then either present you with a competitive and affordable offer or they may decline your application.
If they make you an offer, you’ll see all the important information you need to know before you make your own mind up about whether this is the right deal for you. You’ll see how much your repayments will be, when those repayments will be collected from your account, what the overall interest you’ll pay on the loan will be, any account management fees (if you miss a repayment), and more.
All you need to do then is read and agree to the lender’s terms and conditions. The money could then be on its way to your bank within minutes*.
Growing Power is regulated and authorised by the Financial Conduct Authority, the part of the government which oversees consumer loans in the UK. All of the lenders on our panel are FCA-authorised and regulated too for your peace of mind.
If you are in debt and you are worried about your level of debt, you might benefit from speaking with someone about it in confidence and at no cost. To do so, please get in touch with one of the six leading UK debt help organisations - StepChange, PayPlan, National Debtline, the Debt Advice Foundation, the Money Advice Service, and Citizens Advice.
To apply for your 12 month loan, please click here.