Features of a 12-month Installment Loan

If you find yourself in a financial emergency, it usually cannot wait until payday. When this happens it may be difficult to tap family or friends to help out with a loan. It can also be worrisome if you’re at risk for defaulting on a prior loan as this will harm your credit and make it more difficult to obtain another loan. But, with a 12-month installment loan you should be able to borrow the money you need now and pay it back on a flexible payment plan over the course of a year. 

A 12-month installment loan comes with flexible repayment schedule that allows an entire year to pay off the loan. Although most traditional bank loans come with high interest rates, a 12-month installment loan is specifically designed to make paying off the loan as easy and affordable as possible, so they come with low interest. Those interested in borrowing can fill out an application online, submit the completed form and wait to be confirmed. Most lenders that offer installment loans on a 12-month repayment program do not require you to fax or send further documentation or have a credit check. 

Applying for a 12-month Installment Loan

These types of loans are very easy to apply for online. Applicants are asked to:

  • Complete the online application form correctly. Each field should be filled out with all the requested information so they can process your application quickly. 
  • Send in all the required documentation, like a copy of your social security card, copies of your paystubs, copies of your employment records, copies of bank statements and anything else asked for. 
  • Applicants are matched up with appropriate lenders who take everything under review. 
  • Once the borrower has been approved, he/she will receive an email. An email will also be sent should an application be denied. 
  • There are usually no credit checks required on a 12-month installment loan. Lenders assess the applicant’s ability to repay the loan based on his/her employment and that he/she has an active bank account. 
  • Upon approval, the amount of the loan will be wired to the borrower’s designated bank account. The money may now be used as needed. 

Repayments are on a monthly basis over the course of 12 months. To maintain good credit and avoid any threat of forfeiture, repayments should be made on time every month. Someone with a history of bad credit may find that taking out a 12-month installment loan is easier due to the online application and having an entire year to repay the loan, as opposed to applying for a traditional installment loan. With regular repayments made on time every month, the borrower can rebuild their credit, so they can borrow higher amounts in the future. 


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