12 Month Payday Loans for Bad Credit
- Quick & easy online application process
- Almost instant approval decisions
- No credit check via credit bureaus
- Affordable loans for bad credit
- Short term loan options
- Same- and next-day funding
Why Trust Us?
1F Cash Advance has been providing emergency loans since 2019. We are licensed and operate under state laws. Over 140,305 consumers have already benefited from our services, both online and in stores.
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If you need money for a small emergency but can't repay it in one lump sum, 12 month payday loans can come to the rescue. These financial products offer more repayment flexibility while maintaining all the benefits of regular payday loans.
At 1F Cash Advance, you're welcome to get this short-term loan completely online, even with bad credit. Enjoy our quick and easy application process, receive the money within a business day, and repay it in affordable monthly installments.
What Are 12 Month Payday Loans?
12 month payday loans are unique financial products that allow borrowers to get up to $1,000 and repay the funds within a year in fixed monthly installments. By splitting the loan cost over time, you can avoid the high financial burden of a regular payday loan and still get quick cash for emergencies without any hard credit checks.
Pros and Cons of a 12 Month Payday Loan
12 month payday loans come with both advantages and flaws. Here's a closer look:
Pros
- Flexible repayment;
- Bad credit is considered;
- Online application process available 24/7;
- Quick approval decisions;
- Funding within 24 business hours;
- No hard credit checks for most options.
Cons
- Small loan amounts of up to $1,000;
- Interest rates are higher than average;
- Most options don't offer credit-building opportunities;
- Overpayment over the loan life.
Although the repayment in fixed monthly installments makes 12 month payday loans more manageable, it also results in a higher overall loan cost. Here's a representative example for a $1,000 loan with a 15% APR:
| Loan Type | Monthly Payment | Total Loan Cost |
|---|---|---|
| 6 Month Loan | $174.03 | $1,044.2 |
| 12 Month Loan | $90.26 | $1,083.1 |
| 24 Month Loan | $48.49 | $1,163.68 |
Am I Eligible for a 12 Month Loan?
A 12 month loan is usually easy to qualify for. Here are basic criteria lenders usually look at:
- Be at the age of 18 or older;
- Be a US legal citizen;
- Have an active bank account in your name;
- Verify your stable source of recurring income.
Some specific lender requirements may also be applied to your income amount, debt-to-income ratio, and employment status.
How to Apply for 12-Month Loans?
To request 12-month loans with 1F Cash Advance, you only need to take the following simple steps:
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Complete an online application form. You can do this on the website in as little as 5 minutes.
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Wait for a lender's response. One of our partners will review your application data and send you an approval decision within one hour or less.
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Review the terms. If approved, read your loan agreement carefully to make sure the conditions suit you. Then, e-sign the contract to accept the offer.
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Get the money. It will be deposited into your checking account within one business day. Same-day deposit may be available for applicants approved before noon on weekdays.
Other Types of 12 Month Loans
If a 12 month payday loan doesn’t seem like a fit, consider a few alternative options.
12 Month Installment Loans
12 month installment loans are offered by online lenders and may be obtained with any credit. These loans come in the form of a lump-sum deposit that is repaid in fixed monthly installments over 3 to 24 months. You can typically borrow up to $5,000, depending on the lender, your income, and credit. Interest rates usually range from 16% to 100% and are determined based on a borrower’s credit score.
Bank Loans
Bank loans for 12 months offer higher borrowing limits and lower interest rates. You can get up to $50,000 or $100,000, with an APR ranging from 5.99% to 35.99%. However, they usually require good credit and set strict income requirements. Borrowers with less-than-perfect credit or unstable income may be asked to provide a repayment guarantee, such as collateral or co-signer.
P2P Loans
Loans available via peer-to-peer platforms allow you to borrow money from an individual investor, bypassing financial institutions. They often have reasonable interest rates, lower credit score requirements, and repayment flexibility. However, such loans come with the risk of fraud due to the lack of regulation. Some platforms may also charge extra fees.
Where Can I Get a 12 Month Payday Loan with Bad Credit?
12 month payday loans for bad credit are usually offered by online lenders and storefront lending companies. You can either shop around for an offline location in your area or apply online via our website. By filling out just one simple form, you can access multiple offers from our partner lenders. No need to go anywhere or stick to a company’s operation times.
Why Choose 1F Cash Advance?
1F Cash Advance is a trusted connecting service designed to help you find a loan offer tailored to your specific needs. Here’s what we offer:
- Application can be completed online 24/7, 7 days a weeks;
- Fast approval times;
- No hard credit checks performed;
- Safe loan process to keep your information private;
- Money funding within just one business day;
- Bad and poor credit is accepted;
- An extensive database of reliable loan providers across the US.
FAQ
What Is the Difference Between an Installment Loan and a Short-Term Loan?
An installment loan category refers to longer-term loans that are repaid in affordable monthly payments. They usually come with loan amounts between $1,000 and $100,000 and can be repaid in up to 60 months. Short-term loans usually come with repayment terms from several weeks to 12 months.
Does a 12 Month Payday Loan Affect My Credit Score?
Most 12 month payday loans won't affect your credit score in any way as long as you pay them back on time. However, they may damage your credit if you default.
What Are Alternatives to 12 Month Payday Loans?
Installment loans, secured loans, and payday alternative loans from credit unions are just a few alternatives available to borrowers with bad credit. You can also consider peer-to-peer lending or borrow money from your family and friends.