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Our UK alternative to 12 Month Payday Loans

Looking for an instalment payday loan over 12 months in the UK? Check out SafetyNet Credit’s smart alternative.

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Representative Example:

0.8% per day
for up to 40 days (292% per annum, variable)
68.7% APR (variable)
For free independent money advice, see moneyadviceservice.org.uk
SafetyNet Credit offers a permanent revolving line of credit with no minimum or maximum repayment terms. Representative 68.7% APR.

What is a 12 month loan?

Nowadays, there are so many different types of loan out there that it can be difficult to get a grasp on what’s best suited to your specific needs. It’s important to know exactly what you are getting into with any financial product. Here at SafetyNet Credit, we would like to help clarify some of the different kinds of loan commonly offered, as well as providing information about our own smart alternative credit services.

One of the biggest considerations when deciding on a loan is its length. This refers to the overall time frame in which it is agreed you will repay the original loan amount, along with any interest accrued on top of this. With a 12 month loan the length of the repayment period is fairly straightforward: 12 months, or one year to put it another way. Because of the length of time involved in this repayment schedule, a 12 month loan will virtually always consist of a number of regular monthly instalments wherein a portion of the loan and interest is paid back each time.

While this describes one facet of the loan, there are many other aspects to take into account, from the amount being borrowed to the interest rate. Generally, for instance, the amount of credit on offer with a 12 month loan will tend to start at larger amounts because of the time frame involved. Many other factors however, like interest rates, will be very specific to the lender in question.

Do 12 month payday loans exist?

A 12 month payday loan is something of a contradiction, as a payday loan is a form of short term credit designed for those with essential short term borrowing needs, in the region of a few hundred to a thousand pounds. They are traditionally repaid in full on the same date that the borrower receives their next pay check, so the repayment term for a classic payday loan is usually no more than 30 days, although repayment terms of a few months with a small number of instalments rather than one are also possible, and increasingly common. A 12 month loan on the other hand is going to be repaid in several instalments, over the course of a whole year rather than just one or two months, so it doesn’t make much sense to talk of ‘12 month payday loans’.

Nevertheless, there have been some misconceptions in recent times around the idea of a ‘12 month payday loan’. One possible reason for some of this confusion is that over the last few years many lenders who previously specialised in payday loans have begun, to varying extents, to try and distance themselves from the world of payday lending. This is since around 2014 when the FCA (Financial Conduct Authority) took over the regulation of the payday industry and was tasked with reforming unfair practices. One of the results of this is that many former payday lenders started to offer longer term loans, with 3 month, 6 month, 12 month or even longer term loans now available.

Is a loan over 12 months right for me?

Though this type of loan may seem like a good idea because you have a much longer period of time to repay, the reality is you can end up paying back quite considerable amounts on these long term loans, because of the length over which interest can accrue. Exactly how much you have to repay in interest will depend on the lender. To make sure you are not paying back more than you need to, it is important to carefully consider your unique financial situation and the various options available to you before applying for any loans. Because of its length, a 12 month loan in particular is a serious commitment, and this is not something which should be made lightly, without carrying out appropriate research.

One of the most important things to consider is whether the loan you are thinking of applying for will actually improve your financial situation in the long term, or if the projected repayments will cause you problems down the line. You should never take out a loan of any kind if you are not certain you will be able to keep to the agreed repayment terms, as failing to do so can have serious consequences for your financial situation and credit history.

SafetyNet Credit’s smart alternative to 12 month loans

At SafetyNet Credit, we offer an innovative alternative to 12 month loans and similar types of loan. We are a revolving credit facility that offers a credit limit of £100 to £500 for new customers, and up to £1,000 for consistently sustainable customers, on an ongoing basis. Whenever you are in need of a loan, you can action a manual transfer from your credit limit to your bank account. Repayments are flexible and based on what you can afford, made automatically on a monthly basis when we see you have money coming in, until the loan is repaid. The only cost is 0.8% daily interest, which is capped so it stops accruing after 40 days.

We also have a feature called ‘auto-deposits’ which allows you to decide a level at which your bank balance will trigger an automatic transfer of some of your credit limit into your current account, to provide you with a safety net to help you prevent unauthorised overdraft fees.

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What our customers are saying

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Just started using this company a week…

Just started using this company a week ago..no issues..a good help when you need a payday loan

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Brilliant service fast and reliable and…

Brilliant service fast and reliable and very quick

SafetyNet Credit
Really good fast an reliable

Really good fast an reliable I recommend this to anyone.

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Very good service

Very good service

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Rapid application and transfer

Rapid application and transfer

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