12 Month Loans

12 month loans can be a safe option when taken out with an FCA-regulated lender in the UK like us. As authorised lenders, we follow strict rules around affordability checks, clear pricing, and fair treatment of customers. This helps ensure you understand the costs, repayments, and risks before proceeding with 12 month loans. You should always check that a lender is listed on the FCA register before applying if you are unsure. As with every type of loan, you need to ensure this is affordable for you before proceeding so that you can avoid getting into difficulties with repayments.

You may still be able to get a 12 month loan with bad credit here at Fast Loan, although approval is never guaranteed. Rather than focusing only on your credit score, we look closely at your affordability, including your income, regular outgoings, and ability to manage repayments. This means past issues, such as missed payments or defaults, do not automatically rule you out of being approved. Having a steady income and an active UK bank account can improve your chances. It’s important to review the total cost of the loan before you proceed and ensure this is the right fit for you. We will decline if we cannot determine that this is a sustainable option.

The main difference between a 12 month loan and a payday loan is how repayments are structured. Payday loans are usually repaid in one lump sum over a very short period, often within a month, which can be difficult to manage. A 12 month payday loan spreads repayments evenly across the year, making budgeting easier where this is suitable for you. While both are forms of short-term credit, instalment loans offer more flexibility and predictability. For borrowers who need more time to repay, a 12 month loan is often a more manageable option.

Yes, here at Fast Loan UK, you can choose to repay the full balance of your loan early if this works for you. Doing so can save you money overall, as we’ll only charge interest for the days you have borrowed, plus a £20 early settlement fee. This is subject to this not taking you over the 0.8% daily interest charge. If you want to repay your loan in full early, contact your Customer Care Manager, who will be able to provide an early settlement figure for you.

The amount you can borrow with a 12 month loan depends on several factors, including your income, existing financial commitments, and affordability assessment. Across the UK, lenders typically offer amounts ranging from £100 up to £5,000+. At Fast Loan, the maximum available on a 12 month repayment term is £2,000, and is available for returning customers only. All applications are subject to affordability checks to ensure repayments are manageable. Borrowing a smaller amount can help keep repayments lower, so it’s often best to apply only for what you genuinely need, such as a £200 loan, rather than the maximum available.

If for any reason you feel you will struggle to make an upcoming repayment, please contact us as soon as possible. We understand that circumstances can change unexpectedly, so it is best to speak with us before your payment is due to discuss this, and we’ll work with you to resolve the issue. We do not charge for late payment, but it is still important to contact us. If you are in financial difficulties, speaking to organisations such as Money Helper can also provide further advice and information to help.