Best 12 Month Loans: Direct Lenders Compared

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Last Update: January 19th, 2017

Compare 12 Month Loans for Bad Credit (+Prime)

About:

Unsecured personal loans for bad credit have always been in popular demand. The 12 month tagline is actually quite broad since various lenders may allow several months or a few years to be selected. In general though, they are targeting this niche due to high consumer demand. It helps that it is handy to compare pricing levels over a complete year. The Guarantor Lenders commonly start at this point, but you’ll need to find someone to support your application there. You can also access this term with logbook firms although those contracts are secured. The rates over a year are much lower than the alternative Instalment route. The freedom should also be there to settle early.

Update: We have started to add prime lenders to this comparison page. The aim will be to see how well their rates compare to the Banks.

Dominance:

The best personal loans deliver high efficiency. Standing out from the crowd requires huge ad spends. Both of these elements have been mastered by Pounds to Pocket who have been the dominant force since they popped up in 2010. As far as efficiency goes, they did trade 24/7 (now 7/7) and offer up to £2000 that can reach your bank account on the same day. Before they arrived it would commonly have taken several days to access this level of funding. TV advertising has enabled them to take firm control of the market. This brand was launched by the owner of QuickQuid who have recently launched On Stride Financial who you’ll find below where the focus is on low pricing. Competition has now ramped up, although it is the guarantor lenders who they’d consider as main rivals.

Eligibility:

UK residents aged at 18 currently working have a chance of qualification regardless of a bad credit history. It is always going to be more difficult to access sums of £1000 or more when you have had past problems though. On Stride and SpringCoin are new players in this space whereby the rates are considerably cheaper. A fair or good score would be expected there. You need to demonstrate affordability to them such as uploading bank statements.

Market Size:

The number of 12 month loan lenders listed today is 36. More options at this term are available with banks or guarantor lenders that were each referenced above.

We Have Compared:
Cost (C): Total cost of a £1000 loan taken over a year
Operations (O): Opening days and times
Sums (S): How much can be borrowed (New = N and Return = R)
Terms (T): The selectable repayments in months (or days or years if specified)

Notes:
– Listings are sorted alphabetically.
– In select instances, a lender may not allow £1000 to be selected. For those that applied these restrictions we either doubled a £500 amount or split a £2000 sum.

Best 12 Month Loans: Direct Lenders Compared:

118 118 Money (2013)
118 118 Money
C: £176 to £428
O: 24/7
S: £1000 to £5000 (N and R)
T: 12, 18 or 24
* Variable interest based on your credit score

1st Stop Personal Loans (2004)
1st Stop Personal Loans
C: No estimate
O: Mon/Thu (8.30am/7pm), Fri (8.30am/5.30pm)
S: £1000 to £15,000 (N and R)
T: 24 to 72
* Unable to specify pricing. Minimum age is 21

Admiral Loans (2016)
Admiral Loans
C: £77.72
O: Mon/Fri (8am/5pm), Sat (9am/1pm)
S: £1000 to £15,000 (N and R)
T: 12 to 60
* 15% APR is shown, but for 10k you pay 3.2%

AvantCredit (2015) (SpringCoin/2013)
AvantCredit
C: £230.40
O: Mon/Sun. Times unknown
S: £1000 to £20,000 (N and R)
T: 12 to 60

Bamboo (2014)
Bamboo
C: £235.72
O: Mon/Thu (8am/8.30pm), Fri/Sat (9am/5pm)
S: £1000 to £5000 (N and R)
T: 12 to 60
* Applications: Mon/Fri (8am/8pm), Sat (9am/2pm). Guarantor option available

Creation (1973)
Creation
C: £101.84
O: Mon/Fri (8.30am/9pm), Sat (9am/6pm).
S: £1000 to £20,000 (N and R)
T: 12 to 60
* Must be 25+ to qualify

Different Money (2014) (MyMate/2013)
Different Money

C: (£1849.84) £924.92
O: Mon/Fri (8am/8pm), Sat (9am/1pm)
S: £150 to £2500 (N and R)
T: 2 to 12
* £2000 example has been split

Drafty (2016)
Drafty
C: £657
O: Mon/Sun (7am/10pm)
S: £200 to £3000 (N) and £5000 (R)
T: 1 day+
* No fixed repayment. Can draw £50 (1st) and then £20 on re-loans

Everyday Loans (2006)
Everyday Loans
C: £347.92
O: Mon/Fri (9am/6pm), Sat (9am/12pm)
S: £1000 to £12,500 (N and R)
T: 24 to 60
* Cost predicted by settling early

Fair Finance (2005)
Fair Finance
C: £451 (12) | £494 (52)
O: Mon/Fri (9am/5.30pm)
S: £100 to £3000 (N and R)
T: 6 to 18
* Monthly and weekly repayment options
* Must complete at branch (London area) with 5% admin fee

George Banco (2013)
George Banco
C: £373.64
O: Mon/Fri (8am/5.30pm), Sat (10am/2pm)
S: £1000 to £5000 (N and R)
T: 12 to 60
* Guarantor backup may be required

H&T Finance (2015)
H&T Finance
C: £843.20
O: Mon (9am/5pm), Tue (9.30am/5pm), Wed/Sat (9am/5pm)
S: £50 to £1000 (N and R)
T: 3 to 24
* H&T relaunched online in 2015

Hitachi Personal Finance (2013)
Hitachi Personal Finance
C: Not available
O: Mon/Fri (8.45am/7.30pm), Sat (8.45am/12pm)
S: £2500 to £25,000 (N and R)
T: 24 to 60
* You pay £393.44 for £10k over 2 years

Kabayan Finance (2010)
Kabayan Finance
C: £905
O: Mon/Fri (9am/5pm), Sat (10am/2pm)
S: £300 to £1000 (N and R)
T: 1, 3, 6 or 12
* The payday option starts at £100

Lendable (2014)
Lendable
C: £56, £68 or £92
O: Mon/Fri. Times unknown
S: £1000 to £15,000 (N and R)
T: 12 to 60
* Variable interest based on your credit score

Lending Works (2012)
Lending Works
C: £114.08
O: Mon/Fri (9am/5.30pm)
S: £1000 to £25,000 (N and R)
T: 12 to 60
* Must be 20+ to qualify

Likely Loans (2014) (GuarantorUs/2012)
Likely Loans
C: £228.32
O: Mon/Fri (8am/8pm)
S: £1000 to £5000
T: 12 to 36
* Guarantor no longer required

Masa Loans (2015)
Masa Loans
C: £323
O: Mon/Fri (9am/5.30pm), Sat (10am/4pm)
S: £1000 to £5000 (N and R)
T: 12 to 60
* Guarantor option available

Maxcroft (1976)
Maxcroft
C: £420
O: Mon/Thu (9am/6pm), Fri (9am/7pm), Sat (9am/4pm)
S: £500 to £5000 (N and R)
T: 8 to 36
* Must complete at Essex branch

Moneyway (2007) (Secure Direct/1954)
Moneyway
C: Not available
O: Mon/Fri (9am/7pm), Sat (10am/2pm)
S: £3000 to £15,000 (N and R)
T: 12 to 60
* Minimum 10k term is 2 years that costs £773.12 (7.5% APR)
* Must be 25+ to qualify

My Home Finance (2010)
My Home Finance
C: NA
O: Mon/Fri. Times unknown
S: £100 to £500 (N and R)
T: ? to 12
* Must complete at branch. £1k not available, but would calculate as £366.70

MyJar (2013) (TxtLoan/2009)
MyJar
C: £804.52
O: Mon/Fri (8am/8pm), Sat (8am/6pm), Sun (9am/6pm)
S: £250 to £3600 (N and R)
T: 3, 6 or 12
* Existing customers can receive 24/7 funding
* Smaller terms see £100/£900 (3) and £150/£1800 (6)

Oakam (2007)
Oakam
C: £390.48 to £935.44
O: Mon/Fri (8am/7pm), Sat (9am/6pm)
S: £1000 to £5000 (N and R)
T: 3 to 12 or 12 to 36
* 3/12 amounts differ as £200 to £1750 (N and R)

On Stride Financial (2014)
On Stride Financial
C: £385.88
O: Mon/Fri (8am/8pm)
S: £1000 to £10,000 (N and R)
T: 12 to 60
* Variable interest rates if you opt for larger sums

Payday Express (1999)
Payday Express
C: £807.56
O: Mon/Fri (8am/7pm), Sat (9am/4pm)
S: £100 to £2000 (N and R)
T: 1 to 12
* Existing customers can receive Sunday funding

PaydayUK (2003)
PaydayUK
C: £807.56
O: Mon/Fri (8am/7pm), Sat (9am/4pm)
S: £100 to £2000 (N and R)
T: 1 to 12
* Existing customers can receive Sunday funding

Peachy (2011)
Peachy
C: £500 (/£500)
O: Mon/Fri (10am/6.30pm), Sat/Sun (9am/5.30pm)
S: £50 to £700 (N and R)
T: 1 to 12
* £1k not available. Peachy promo code box on site, but no live codes

Pounds to Pocket (2010)
Pounds to Pocket
C: £891.51 (+promo) £907.40
O: Mon/Fri (7am/10pm), Sat/Sun (10am/6.30pm)
S: £200 to £2000 (N) and £2000 (R)
T: 6 to 12
* Pounds to Pocket Promo (FIRST10) is for new customers

Quick Loan Shop (2012)
Quick Loan Shop
C: £957.20
O: Mon/Fri. Times unknown
S: £400 to £2000 (N and R)
T: 1 or 3 to 12
* 1 month amounts differ as £100 to £500 (N and R)

RateSetter (2010)
RateSetter
C: No estimate
O: Mon/Sat (9am/6pm)
S: £500 to £25,000 (N and R)
T: 6 to 60
* 10k loans are priced at 7.3% APR. Faster payouts however cost £15 extra

Satsuma Loans (2013)
Satsuma Loans
C: £992 (12) | £990.04 (52)
O: Mon/Fri (8am/8pm), Sat (8.30am/5pm)
S: £100 to £1000 (N) and £2000 (R)
T: 13 to 52 weeks or 3 to 12 months
* Monthly and weekly repayment options

Savvy (2014) (Valour/Unknown)
Savvy
C: (£499.96) £999.92
O: Mon/Thu (8am/7pm), Fri (8am/5pm), Sat (10am/2pm)
S: £200 to £3000 (N and R)
T: 6 to 24
* £500 example in brackets. This is then doubled

Square Today (2015)
Square Today
C: £418.27
O: Mon/Fri (9am/5pm)
S: £1000 to £5000 (N and R)
T: 5 to 9 or 12 to 36
* 5/9 amounts differ as £200 to £850 (N and R)

Sunny (2013) (1 Month Loan/2004)
Sunny
C: Not available
O: Mon/Thurs (8.30am/7pm), Fri (8am/5pm), Sat/Sun (10am/3.30pm)
S: £100 to £2500 (N and R)
T: 6 to 14
* Sunny Promo (SUNNY10) is for 6 months or less
* You’ll need to borrow £2100+ and settle early from 14

The Money Shop (1996)
The Money Shop
C: £807.56
O: Mon/Fri (8am/7pm), Sat (9am/4pm)
S: £100 to £2000 (N and R)
T: 3 to 12 or 12 to 36 (in-store)
* 12/36 amounts differ as £2010 to £5000 (N and R)
* Existing customers can receive Sunday funding

Zopa (2005)
Zopa
C: £41.96
O: Mon/Thu (9am/5.30pm), Fri (9am/5pm)
S: £1000 to £25,000 (N and R)
T: 12 to 60
* Cost is £94.66 with Fast-Track. Must be 20+ to qualify

Comparison Insights:

Cheapest 12 Month Loans (/£1000 for 365 Days):

Prime…
1) Zopa: £41.96 (0.011%)
2) Lendable: £56 (0.015%)
3) Admiral Loans: £77.72 (0.021%)

Subprime…
1) Likely Loans: £228.32 (0.063%)
2) AvantCredit: £230.40 (0.063%)
3) Masa Loans: £323 (0.088%)

Notes: Daily rates are marked. We have now added prime rates. Zopa’s Fast-Track price (£94.66) would still make the top 3. Lendable’s low tier rate is suited to those with a fair credit score and so we haven’t added them to this subprime list. One thing of note is that Admiral are in fact the cheapest overall lender when factoring larger sums since they offer 3.2% between £7500 and £15,000. Likely offers the current cheapest subprime solution. We will soon be adding 24 month loan costs to this comparison page to help us compare rates against the banks.

Experience: The Money Shop

The Money Shop has been lending since 1996 (this is on the high street). On the web, 1st Stop have provided a range of varied financial products since 2004. Sunny was originally formed as 1 Month Loan back in 2004, but all that early experience was held in the payday sector. Everyday Loans has notable experience through their high street presence that dates back to 2006. H&T relaunched in 2015 (online), but as a pawnbroker they head back to 1897.

Flexibility: Drafty

Drafty’s overdraft-type facility can be used over any period of time. Other than 1st Stop who head up to 6 years the common cap with other lenders is 5 years.

Loans on Sunday: Various

118 118 Money, AvantCredit, Drafty, Payday Express (return), PaydayUK (return), Peachy, Pounds to Pocket, Sunny and The Money Shop (return) offer funding on Sundays.

Sums (Smallest): Drafty

Whilst Drafty’s credit limits start at £200, you can freely draw £50 at a time and then £20 on re-loans. Peachy also allow small amounts of £50+.

Sums (Largest When New): Hitachi, Lending Works and Zopa

Avant was top with £20,000, but they have now been surpassed by this trio at £25,000.

Sums (Largest When Returning): Hitachi, Lending Works and Zopa

As above. You’d however have more chance of accessing a £25k loan when returning.