Ideal for financing a project, the payday loan is suitable for many profiles thanks to the benefits it offers. Here’s everything you need to know about the 12-month payday loan.
What is a 12-month payday loan?
The payday loan is a consumer loan that allows a person to easily obtain a sum of money to finance his projects. By obtaining the sum of money that has been loaned to him, the debtor agrees to repay the entire capital, as well as the ancillary costs representing the cost of credit. The amount of capital lent may vary from 1,000 to 75,000 euros, while the repayment term may range from 12 to 120 months.
Why choose a payday loan over 12 months?
The 12-month payday loan can finance any project, whether it’s buying furniture for your apartment, a wedding, or a nice trip to the end of the world. This is an effective solution to get the money needed for the realization of your projects quickly and easily.
What are the benefits of the 12-month payday loan?
Using a 1-year payday loan to finance a project that is important to you has many benefits. Obtaining the loan is relatively easy since it involves making a request to the bank or credit institution with which one wishes to subscribe the loan. The latter then deals with studying the client’s file before giving an acceptance or refusal response. In addition to simplicity, this solution has the advantage of offering some flexibility to the debtor.
The latter will not have to provide proof of expenses with his credit institution. This means that it is possible to use the amount of money lent as it sees fit, without being accountable. Finally, this solution allows a short-term repayment, 12 months being the minimum repayment period for a payday loan.
Are there any surprises to worry about when you take out a payday loan over 12 months?
The subscription of a payday loan over 1 year does not cause any bad surprises. A fixed interest rate, generally between 1% and 17%, will be proposed at the time of the conclusion of the loan agreement. This rate remains fixed from the first to the last monthly payment.