Traditionally, payday loans are repaid on the borrowers next payday, so payday loans with repayment terms of 12 months do not exist. If you have been caught out by an unexpected bill and are looking for a payday loan, these lenders will require payment on your next payday. If you are looking to spread the repayments across a longer period, there are a variety of lenders which offer loans with repayments spread over 12 months. If you have been turned down for a loan from a traditional lender, there are alternative lenders available which specialise in lending to those with a poor credit history.

What are 12 month payday loans?

Loans which are repaid in a single payment are known as payday loans, as they are repaid on the borrowers next payday. Payday loans are typically borrowed by those who need cash in emergency situations, which crop up before the borrower’s payday. These short-term loans are ideal to bridge the gap until payday and are often a popular option for those with imperfect credit. In contrast, a 12-month loan is repaid in equal instalments over a period of 12 months. These repayments can often be taken directly from your bank account, so there is no need to remember to make a manual payment. The equal payment amounts ensure that you know exactly how much you need to repay each month, designed to make it easier to plan your budget around these loan payments.

Can I get a 12 month payday loan with bad credit?

Although a poor credit history can make it difficult to borrow from traditional lenders such as banks and building societies, it may be possible to borrow either a 12 month loan or a payday loan even with bad credit. While there is no such thing as a 12 month payday loan, instead, borrowers can choose to apply for a payday loan with a 12 month loan term. To assess your eligibility for a loan, the lender will need to know exactly how much you earn and your average expenses each month. This information will be used to calculate whether the amount you are looking to borrow will be affordable to repay.

Each lender will have its own criteria in terms of eligibility, although in general, you will need to be at least 18 years old, employed and a UK resident. You must also hold a UK bank account which will be used to deposit your loan funds and collect the repayments. Your credit history will always be important, however, if you can show that you have been able to pay your bills on time and can comfortably make the loan repayments your application may be considered. If you have been turned down for a loan due to poor credit history, there are many ways to improve your credit score. For example, reducing the number of active credit accounts you hold, reducing debt balances, making payments on time and ensuring the personal data on your credit report is correct.

Do CashFlex offer 12 month payday loans?

As a loan broker, we aim to help you find a loan with repayment periods to suit your exact requirements. It is not possible to apply for a payday loan through our website, however, we can help you arrange loans with repayment terms of between 3 months and 36 months, depending on the amount you borrow.

We can help you find loans of just £100 up to a maximum of £5,000, with terms of 12 months available on all loan amounts. Our flexible service allows you to choose repayment periods of 3, 6, 12, 18, 24 and 36 months so that you can choose repayment lengths which are in line with your individual budget. The longer you take to repay the loan, the larger the amount of interest you will pay overall. However, longer repayment periods will result in smaller monthly payments.

If you need to borrow more than £1,000 and the repayments spread over 12 months are too large for your budget, with our loans it is possible to increase the length of the loan term to make the repayments more affordable. We are committed to helping borrowers find straightforward, transparent, and honest loans through our simple online application process. To apply, simply complete our quick online application form and your details will be sent to our panel of lenders. Each lender will assess your details and complete a soft search of your credit file, however, there is no impact on your score and the searches will only be seen by you.

As soon as a lender indicates that they are likely to consider your loan application, our system will redirect you to their website. The lender will ask a few further details which will be used to finalise your application and a single hard search of your credit file will be carried out. Although this will be a thorough search and a mark will be left of the search on your report, at this stage, you will be matched to a lender which is likely to consider your 12-month loan application. If your loan is approved you will be able to sign the documents online and the funds could be released in just minutes*, with final processing speeds dependant on your individual bank. We always recommend closely analysing your financial situation before taking out a loan. If you are struggling with your finances a loan may not be the best option, as missed payments can lead to financial difficulties and will negatively impact your credit score. There are several organisations available which offer free and impartial financial advice, including The Money Helper, Step Change, PayPlan, National Debtline, the Debt Advice Foundation and Citizens Advice.

Try our FastCheck tool with no impact to your credit score

Our new tool allows you to calculate your chance of being accepted for a loan.

You are age 18 and a UK resident

You have a regular income

You have a valid UK bank account with an active debt card

Why choose us

Sometimes, the unexpected happens that means you need money fast. Here at Cashflex we offer a user friendly process to help you find same day loans in a responsible and affordable way.

How much can I borrow?

The exact amount you can borrow depends on your personal circumstances and can differ by lender. You can apply for a loan between £100 and £5,000

What are the repayment terms?

This is dependent on the amount that you wish to borrow. The repayment terms can be: 3 months, 6 months and 12 months to name a few, ranging right up to 36 months.

Can I apply for a loan with bad credit?

Yes. If you are unsure you can use our FastCheck tool to find out your loan eligibility.

Can I repay in instalments?


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Representative Example: Amount of credit: £1200 for 18 months at £90.46 per month. Total amount repayable of £1628.28. Interest: £428.28. Interest rate: 49.9% pa (variable). 49.9% APR Representative.

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