What are 6 Month Loans?
A 6 month loan is a type of unsecured personal loan, which is paid off over the specified timeframe. You and your lender will agree a pre-planned payment schedule and each repayment will be made monthly. As the majority of 6 month loans are unsecured, you don’t necessarily have to be a homeowner to take one out, and if you miss a payment, your home probably won’t be repossessed. This isn’t to say there won’t be consequences if you do fail to repay your loan – if you continually miss payment dates, depending on the lender, you’ll end up owing a hefty sum as fees, interest and penalty charges build up on your account. This can have a huge negative effect on your credit score which is less than ideal.
What are the Benefits of 6 Month Loans?
You should have a specific reason for looking into 6 month loans, but there are many situations in which they could be handy. Maybe your car failed its MOT and you’re 3 weeks until payday, or your laptop broke and you need it for work. Whatever the reason, as long as you borrow no more than what you need and are able to pay it back on time, every time, there are 6 month loans that could work for you.
Most emergency loans require full repayment within a month or two, and a payment schedule of this nature can be difficult to fulfil. 6 month loans will allow for a little more flexibility. With fixed-rate interest and a 6 month, pre-agreed repayment plan, you’ll be able to budget your finances accurately and you’ll never be surprised by a high jump in your cost because of variable interest rates.
We never recommend taking out credit unless you need to, so be sure you’ve made the right decision before you go ahead.
6 Month Unsecured Loans Bad Credit
When applying for 6 month loans direct lenders will take your personal details and carry out affordability and credit checks. With all this information, they will be able to determine your eligibility for a loan and, if approved, how much they are willing to give. When it comes to 6 month loans bad credit can be an issue, but if you’re honest in your application and are realistic about what you can afford to borrow and repay, you might be accepted.
If your credit score is a lot less than perfect, many loan companies will charge you more in interest as you pose a risk to their business. Because of this, repayments can be less affordable than if you have a stellar credit score. Before you take out a loan, you should look to improve your credit rating and build yourself a strong financial future.
6 Month Loans Direct Lenders
At Personal Loans Now, we are striving to make online credit more accessible to more people in the UK, with our Credit on Demand service. We act as an FCA regulated direct lender and a premium online brokerage service, so if we can’t fund you a loan, we’ll work with our partner, Monevo, to find you a lender who might be able to help.
Who Can Apply for 6 Month Unsecured Loans
To apply for 6 month unsecured loans bad credit aside, you have to be over the age of 18 with a UK address and a UK bank account. Beyond this, every lender will have slightly different requirements and criteria their ideal borrower will fill. Apply today with Personal Loans Now and we’ll do our best to offer you a loan or send your application through Monevo to match you with a lender who might be able to work with you if we can’t.
For an instant, decision and same-day payout on your 6 month loans if approved, apply now!
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