What do you do when you need a huge amount of money? With the current growth of technology, it’s simpler than ever to borrow £10,000 loans for 12 months. It’s rare to grow financially without getting some external funding, especially if you have bigger projects.

Regardless of how the world’s economy is sabotaged, the fact remains that life has to move on. That’s why you cannot avoid getting loans and doing projects. 

Huge loans can help you get funds to help in getting our economy to where it was before the coronavirus pandemic and the Russian-Ukrainian war.

But here comes the big question:

Is it Possible to Get 10000 Loans for 12 Months?

The answer to this question is that most lenders will give you a range of payment plans to choose from and decide which is suitable. If you are comfortable repaying huge monthly instalments until you finish your 10000 loans plus their interest, then it’s okay. You can sign up to repay the loan in 12 months.

However, you must have a steady income flow to ensure you don’t skip any instalments while repaying this huge loan. In addition, the best way to maintain the repayment is by ensuring you have multiple income streams to curb any uncertainties during the loan repayment.

How Long Will it Take to Get a 10000 loan in the UK?

Applying for and getting £10000 loans for 12 months in the UK is simple. However, the lender or credit broker must first run soft credit checks to see your eligibility. It’s a directory by the FCA for any lending institution to conduct soft credit checks.

That doesn’t mean you cannot get these loans with a bad credit score, and the checks are only to see whether you can repay the loan on time. In addition, most lenders do not bother with bad credit scores, especially after the coronavirus pandemic.

The application process for £10000 loans over 12 months with a bad credit score is simple. For instance, if you decide to use a credit broker, you will fill out a simple online form to start the process. Using a broker saves you more time since you will wait as they search for a suitable lender for you. 

On the other hand, it may take longer if you decide to use a direct lender to get a 10000 loan. Searching for a lender is so tiring, and it’s easy to get disappointments of moving from one lender to another. 

Therefore, if you want a fast loan, you might consider using a loan broker like Loan Princess in the UK.

The Eligibility Criteria of 10000 Loans

You may wonder what you need to borrow £10000 loans with no guarantor and have bad credit. Well, with every kind of borrowing, there must be eligibility criteria, even if it’s bad credit loans.

• You must provide your Government identity document
• The lender needs proof of income flow. Most request bank statements for the last six months.
• You must be an adult before you can sign a loan application form.
• You must be willing to let the lender conduct soft credit checks on you, even if it’s a bad credit loan.
• If the lender needs collateral, you must be willing to provide one.

If you have a bad credit score and don’t want to use a guarantor, the lender might ask you to secure your loan with a high-value property. Therefore, if you don’t repay the loan, the lender will have the right to repossess the property you provided as collateral.

Where can you get 10000 Loans?

You may get confused about getting the right lender for £10000 loans with so much online information. That’s why you must be careful about what you feed your eyes and mind. 

Loan Princess

Being a loan broker in the UK, Loan Princess’ main aim is to ensure you don’t fall into the wrong lenders. This broker spares you the time you could have spent looking for lenders of 10000 loans.

After filling out a short online application form, this broker runs a soft credit check and later links you to a suitable lender. The lender you get from this site can give you a 10000 loan at an Annual Percentage Rate(APR) of 49.7%. 

According to your agreement with the lender, you can repay your loan in 12 months or any other period up to 84 months. It’s a good idea to choose a period that you will be comfortable with the monthly instalments.

Bottom Line

Yes, you can borrow £10000 loans over 12 months with bad credit, but you must ensure that you will not fail to repay the loan on the agreed time. 

The good thing about paying off your loan in 12 months is that you will be free to do other things with your money, and however, that will only be effective if you honour the repayment plan.