Best 12 Month Loans (Bad Credit) | Direct Lenders Compared

Compare 12 Month Loans

About

In exploring 12 month loans we’ll be completing 2 linked comparisons. Today we are focused on lenders that cater bad credit or at least those with fairer scores. The other comparison will flip this over to prime where providers (especially banks) are competing to offer the lowest sector rates that are available on more sizeable loan contracts. As a variant of today’s subprime listings, we’ll later compose guarantor and logbook comparisons where each will be compared at the year point. For the listings below there are 2 types of lenders featured. Firstly you have the companies that made their name as payday or instalment firms. Many now extend to a full year.

Then there are those designed more as personal loans where the year is generally the starting point with more sizeable sums to match the extended terms. It is pricing that really differentiates these 2 groups. Those geared towards instalments often charge above £900 for a £1000 requested. The personal loan providers in contrast generally drop to less than half that price. The most competitive of which come in between the range of £200 and £300. This helps them to bring the challenge to guarantor firms where £230 to £240 is the common price point. The requirement to find a backing on that side is balanced out by higher acceptance rates where marks like CCJs aren’t an issue.

Sample Listing:
Brand (Launch Year) | Alexa UK Ranking
– Available Amounts (Reloan Cap) | Available Terms (Reloan Cap) | Cost Per £1000
– Opening Hours
*Notes

Alexa Sorted 12 Month Loans Direct Lenders Only List 2018

1) SafetyNet Credit (2014) | #12,428

SafetyNet Credit Loans

– £100-£500 | 1d-12m+ | £160 (/£500)

– Mon/Fri (8am-7pm), Sat (9am-5pm)

*£1k unavailable. 24/7 pre-approved when reloaning. Draw from £20.

2) Satsuma Loans (2013) | #19,706

Satsuma Loans

– £100-£1000 (£2000) | 3-12m | £990.04 (52w)

– Mon/Fri (8am-8pm), Sat (8.30am-5pm)

*Repaying monthly is £992.

3) Pounds to Pocket (2010) | #28,211

Pounds to Pocket Loans

– £200-£2000 | 6-12m | £899.45-£907.40

– Mon/Fri (8am-9pm), Sat/Sun (10am-6.30pm)

*£899.45 for new customers with promo discount.

4) MyJar (2009/2013) | #36,752

MyJar Loans

– £100-£3600 | 3m, 6m or 12m | £804.52

– Mon/Fri (8am-8pm), Sat (8am-6pm), Sun (9am-6pm)

*Rebranded from TxtLoan.

5) Bamboo Loans (2014) | #40,301

Bamboo Loans

– £1000-£5000 (£8000 for guarantor) | 12-60m | £235.72

– Mon/Fri (8am-8pm), Sat (9am-2pm)

*Guarantor product also available (may be required). Reloan times differ.

6) Likely Loans (2013/2014) | #42,075

Likely Loans

– £500-£5000 | 12-60m | £278

– Mon/Fri (8am-8pm)

*Rebranded from GuarantorUs.

7) Drafty (2016) | #44,426

Drafty Loans

– £50-£3000 (£5000) | 1d-12m+ | £657

– Mon/Sun (7am-10pm)

*24/7 pre-approved when reloaning. Draw from £20 (after initial £50).

8) Oakam (2007) | #52,092

Oakam Loans

– £200-£1750 (£5000) | 3, 6 or 12m (24 or 36m) | £943.63

– Mon/Fri (8am-7pm), Sat (9am-6pm)

*Non.

9) AvantCredit (2013/2015) | #52,945

AvantCredit Loans

– £1000-£25,000 | 12-72m | £205.16

– Mon/Sun (9am-6pm)

*Rebranded from SpringCoin.

10) On Stride Financial (2014) | #84,337

On Stride Financial Loans

– £1000-£3000 | 12 or 24m | £385.88

– Mon/Fri (9.30am-6pm)

*Non.

11) George Banco (2013) | #91,457

George Banco Loans

– £1000-£5000 (£7500 for guarantor) | 12-60m | £285.56

– Mon/Thu (9am-7pm), Fri (9am-4.30pm), Sat (9am-3pm)

*Guarantor product also available (may be required). Reloan times differ.

12) Peachy (2011) | #96,942

Peachy Loans

– £100-£1000 | 1-12m | £950.67

– Mon/Fri (8am-8pm), Sat/Sun (10am-6pm)

*Non.

13) NextCredit (2012) | #97,090

NextCredit Loans

– £100-£1000 | 1-12m | £1000

– Mon/Fri (8am-8pm), Sat (9am-1pm)

*Non.

Alexa Global Rankings (No Local Ranks)

14) Savvy (2013/2014) | #2,759,796

Savvy Loans

– £200-£3000 | 6, 12, 15, 18 or 24m | £499.96 (/£500)

– Mon/Thu (8am-7pm), Fri (8am-5pm), Sat (10am-2pm)

*£1k has 15m term. Rebranded from Valour & Lightning Loans.

15) Quick Loan Shop (2012) | #3,032,064

Quick Loan Shop Loans

– £100-£2000 | 1m, 3-12m | £957.20

– Mon/Fri (unknown)

*Non.

16) Juo Loans (2017) | #3,059,664

Juo Loans

– £1000-£3000 | 12-36m | £440.51

– Mon/Fri (8am-8pm), Sat (9am-5pm), Sun (10am-4pm)

*Guarantor product also available.

17) Dot Dot Loans (2017) | #3,228,460

Dot Dot Loans

– £100-£600 (£1250) | 3, 6 or 9m (12m) | £970

– Mon/Fri (8.30am-6pm)

*12m on reloans only.

18) Fair Finance (2005) | #3,811,202

Fair Finance Loans

– £100-£1000 (£3000) | 6-18m | £461

– Mon/Fri (9am-5.30pm)

*Must complete in person. Repaying weekly is £494.

19) Tappily (2017) | #4,573,491

Tappily Loans

– £100-£2500 | 1d-12m+ | £255

– Mon/Fri (8am-7pm), Sat (9am-5pm)

*24/7 pre-approved when reloaning. Draw from £20.

20) Street UK (2000) | #4,759,790

Street UK Loans

– £200-£1000 | 12m | £438.80

– Mon/Fri (9.30am-5pm), Sat (9.45am-4pm)

*Must complete in person with 4% admin fee. West Midlands only.

21) Auden (2014/2017) | #7,013,925

Auden Loans

– £200-£400 (£1000) | 7-30d, 2-12m | £734.76 (52w)

– Mon/Fri (9.30am-5pm)

*Rebranded from Uberima. Repaying monthly is £750.03.

22) Maxcroft (1976) | #7,716,047

Maxcroft Loans

– £500-£5000 | 8-36m | £419.96

– Mon/Fri (9am-6pm), Sat (9am-5pm)

*Must complete at Essex branch.

No Alexa Global Ranking

23) Kabayan Finance (2010)

Kabayan Finance Loans

– £100-£1000 | 1, 3, 6 or 12m | £905

– Mon/Fri (9am-5pm), Sat (10am-2pm)

*Non.

Notes:
– Alexa.com rankings were taken in June 2018.
– Complete borrowing sum ranges are displayed. Some lenders enable you to pick any amount for any term choice, whilst others have set restrictions.
– Not included today: In order to be listed above the lender had to offer a 12 month term from application point. Everyday Loans and Sunny are 2 such big names that are excluded. Everyday’s initial term is 18m whilst Sunny’s is 14m plus you’d need to borrow between £2100 and £2500. There haven’t been any recent closures, but In-Sync Credit Services has now pulled their subprime product.

Alexa Site Rankings

Alexa helps to show which sites have the highest levels of traffic and so those receiving more visits have the chance to promote a full year term to their audiences. Top rankings isn’t however an accurate way to measure market share since many listed companies are used more for shorter term borrowing. For those targeting longer terms, competition is pretty fierce between the American brands (AvantCredit and On Stride) and the British brands (Bamboo and Likely).

Cheapest 12 Month Loans for Bad Credit 2018 (+Fair)…

1) AvantCredit: £205.16
2) BambooLoans: £235.72
3) Tappily: £255
4) LikelyLoans: £278 (BC)
5) GeorgeBanco: £285.56

4 of the 5 target fairer scores and so it is Likely Loans that offers the cheapest bad credit 12 month loans at £278. This is however a variable rate. Outside of these listings SafetyNet and Juo offer competitive value for higher risk borrowers.

Largest Facebook Communities

1) PoundstoPocket: 62,770+
2) Peachy: 29,100
3) MyJar: 19,720+
4) AvantCredit: 10,270+
5) SatsumaLoans: 8480+

No Late Fee 12 Month Loans

Auden, DotDotLoans, Drafty, FairFinance, GeorgeBanco, LikelyLoans, Oakam, OnStrideFinancial, SafetyNetCredit, SatsumaLoans, StreetUK and Tappily.

Payouts Across Weekends

Those open 7/7 are AvantCredit, Drafty, Juo Loans, MyJar, Peachy and Pounds to Pocket. On reloans, 24/7 payouts are made by the credit line brands (Drafty, SafetyNet and Tappily). Whenever you are applying for a more sizeable loan you should expect there to be underwriting delays, especially those operating across standard working hours.

The Best 12 Month Loan Alternatives?
A guarantor loan is the ideal alternative since you can still get a competitive deal even with very poor credit. You just need to find someone scored well (either homeowner or tenant) to support your application. The logbook sector also has high acceptance rates, but those products are very expensive and if you run into problems you’ll be without a car and your score will have taken a further hit. A great way to improve your score over a long period of time is with a subprime credit card. Good management shows trust and can lead to advances usually over 4 month periods. Interest doesn’t need to be paid also so long as you clear the balance during the interest-free period.

The Best 12 Month Loan Reviews 2018

Feefo.com (Ranked by 5 Stars)…
1) LikelyLoans: 89% (5*) & 10% (4*) | (11,440+)
2) StreetUK: 89% (5*) & 10% (4*) | (690+)

Reviews.co.uk…
1) OnStrideFinancial: 97% (1490+)
2) SatsumaLoans: 95% (2427+)

Trustpilot.com…
1) Oakam: 97% (7550+)
2) BambooLoans: 97% (4750+)

Last Update: June 15th, 2018.