Compare 12 Month Payday Loans

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There is a growing demand for 12 month payday loans, despite there being little supply at this time. There are many guarantor, doorstep and logbook lenders that cover 12 month loans for bad credit scores, but in keeping with the payday loan theme there are just two players lending at this time that includes Pounds to Pocket and Quid who have been compared within this posting. A traditional payday loan taken over a 12 month term that is rolled over would always work out very expensive. These 12 month payday loans covered today chop down these costs, but if you are looking for a competitively priced loan covering the full year then it would be recommended to take out a guarantor loan where the rates are much more lower.

Compare 12 Month Payday Loans…

Pounds to Pocket (2010)

Account login and SSL: Yes
Available: £200 to £2000
Interest: 7.49% monthly
Total 12 Month Charge: £898.34 per £1000 (£74.86 monthly)
Transfer: Free for same day funding
Term: 12 months
Trade Association: CCTA members

+ Best price for same day loan
+ Free same day transfer
+ Largest figure of £2000 possible
+ Most experienced service (2010)
+ Pounds to Pocket Promo takes away £31.64 that creates a new interest rate of 7.22%
+ You can repay early at any time
– Although not stated, you should expect first time customer restrictions

Ladder Loans (2011)

Account login and SSL: No login
Available: £500 to £1500
Interest: 7.98% monthly
Total 12 Month Charge: £957.20 per £1000 (£79.77 monthly)
Transfer: Free for same day funding
Term: 6, 12 or 18 months
Trade Association: No

+ 2nd price for same day loan
+ Free same day transfer
+ More flexible terms offered than other lenders in this sector
+ You can repay early at any time
– Although not stated, you should expect first time customer restrictions
– Charges are made for clearing the balance early
– No account login
– No membership

Quid (2012)

Account login and SSL: Yes
Available: £100 to £500 (£1200)
Interest: 21.85% monthly
Total 12 Month Charge: £917.86 per £350 (£76.49 monthly)
Transfer: Free for same day funding
Term: 12 months
Trade Association: BCCA and CCTA members

+ Free same day transfer
+ You can repay early at any time. Simple £29 per £100 charge for the single month
– Faxed document requests are common here
– Relatively new service
– Small figures available for new customers that should really be higher due to the extended term

Notes:
– Quid actually charges 29% of the loan balance each month and so the costs vary depending on how much you pay. Obviously the value would be much better if you make large early payments. You can also repay at any time to help to save more money. The cost breakdown used for them is the example that they provide.
– 12 month loan lenders providing doorstep, guarantor and logbook loans will be covered in separate postings. It will be interesting to see how they all compare at a later date.