Before applying for 15 month loans, please check your finances to ensure that you will be able to meet your repayments. If you are struggling then a 15 month loan may not be right for you.
Before deciding what loan you may require, it is important that you comprehend the implications of borrowing money. Please read our guidance throughout the site so you are fully informed about 15 month loans. Also check out our other products such as £1000 loans over 2 years, 12 month loans or the longer repayment periods of 36 month loans or 48 month loans.
The first thing to consider is that lenders want to say ‘yes’ to a loan request. It is after all their business to lend money, such as for 15 month loans. Lenders will charge interest and that’s the basis of their income. However, in some cases, customers struggle to repay finance, either because they don’t want to or because they hit experience financial difficulties. This naturally costs lenders profit – so for them the key to being a successful lender is to ascertain which customers they can trust.
To work out whether to lend to you as a trustworthy borrower, lenders will look at various details. Firstly they will check your income, but also where you live, the amount you wish to borrow and why you need funding. They will also check to see if you have borrowed money before and whether you paid it back on time and in full. Different lenders score applications differently, so if you are rejected by one lender, that doesn’t mean you won’t be accepted by another.
In the main, the risk to a lender of not recouping the 15 month loan is minimal.
Your credit file, or credit report, shows lenders how you have managed your money and in particular, how you have coped when borrowing money previously. The report contains a multitude of information about your financial history. It can include other personal loans, credit cards, bank accounts, overdrafts, phone contracts, insurance. It will pretty much show all of your borrowing. If you’ve had trouble keeping up with repayments in the past, this may be marked on your report. Thus you may well find it more expensive to borrow, as you will be classed as ‘high risk’.
That is to say, you will be allocated a lower number for your credit score. The lower the credit score is, the harder you will find it to borrow. But here at Moolr we specialise in finding loans, such as 15 month loans, for those with a mixed or poor credit history.
Budgeting is essential when you borrow money, and can even help you improve your credit score when you make regular repayments. This is where 15 month loans can help you today. Longer-term loans can be beneficial to many. This is because they provide instant funds, but the repayments for products such as 15 month loans is spread over a longer period of time. This means manageable monthly repayments.
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You get an idea of roughly how much your monthly repayments for 15 month loans will be by using our loan calculator. Of course, this will depend on the specific APR offered by your matched lender, but it helps give you a guide and plan your monthly budget.
The finance market is packed with options, which is why Moolr have grouped together over 50 of the best lenders to save you time, stress and help locate the best deal for a loan.
Crucially, don’t get caught up in simply choosing the lowest monthly repayment period, as you may leave yourself struggling once more to get by.
Use our simple calculator to find out which deal is right for you be it a £1000 loan over 2 years, or our wide range of other loan products.
Once a lender has established that your application has been successful, the terms of the deal will be presented to you in clear terms. This will include the APR – Annual Percentage Rate. This is the percentage of interest repayable on top of the loan amount, each year.
Now you will have a clear idea of the total repayable amount for your whichever loan you choose.
This forms a lender’s “risk score”, which determines the APR offered. The higher the APR, the more you repay, as it is used to protect the lender in case of non-repayment. Those seen as low-risk will often get more favourable terms, but Moolr are passionate about finding good deals for all.
Loan terms are available for many different periods. From 3 months loans, 18 month loans, right up to 60 month loans through Moolr.
However, before you decide, we encourage you to run through your incomings and outgoings. Plan your budget, and work out what you can afford. The answer might not be 15 month loans or 12 month loans for bad credit, but another product instead.
For further help with budgeting help, why not read our money saving tip blog, packed full of great ideas??