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12 month personal loans

Find a range of loans that you can pay back over a year or more.

When you run into a project or emergency and need more cash than you have on hand, a personal loan can meet your cash needs. You can get the money you need, often up to $10,000, with a 12-month personal loan. A personal loan can help in an emergency or for other expenses, but give you a little more time to pay it back than a short term loan.

How does a 12-month personal loan work?

Personal loans are designed to help you with your finances when you need cash soon but would like to pay it back over a year or more. Traditional personal loans through a bank or other lender can be applied for online, but because they lend at higher amounts, tend to require more paperwork and have a few days turnaround time.

Installment loans can be another option when looking for a cash loan with longer terms than a short term loan. Often installment loans will get you cash faster, and in higher amounts than a short term loan, but with a longer period to pay it back. Loan terms will vary based on the state you live in. You can usually apply online and have the cash you need deposited quickly.

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Rates last updated February 23rd, 2018
Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
Name Product Product Description Maximum Loan Amount Term of Loan Turnaround Time Requirements
OppLoans Installment Loans
Installment loans with competitive rates from a top-rated direct lender.
$4,000
9 to 36 months
1 business day
Open only to residents of AL, AK, AZ, CA, DE, FL, GA, ID, IL, IN, KS, KY, MI, MO, MS, NV, NM, OH, OK, SC, TN, TX, UT, VA and WI. Must have direct deposit and meet minimum income requirements.
Slam Dunk Loans
Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
$2,500
Varies by lender
As soon as next business day
Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.
Blue Trust Loans Installment Loans
Get an installment loan from an online tribal lender. Perks for returning borrowers.
$2,000
6 months
As soon as next business day
Must be at least 18 years old and have a verifiable source of income with direct deposit into your checking account.
CashNetUSA Loan
Apply for a short-term loan with an easy online application and dedicated customer service.
Varies by state
Varies by state
1 business day
You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
HonestLoans Installment Loans
Get a flexible installment loan with fast funding through one easy online application form.
$2,500
Varies by lender
As soon as one business day
Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
MaxLend Installment Loans
Get up to $1,000 as a first-timer, with loans of up to $2,000 and lower APRs for repeat borrowers.
$2,000
6 months
As soon as the next business day
Must be at least 18 years old and a US citizen, have a valid bank account and provide a verifiable source of income.

Compare up to 4 providers

What do you need to look for when comparing 12 month loans?

  • Fees and rates.
    When looking for any personal loan, rates will vary based on whether you choose a personal loan or installment loan. Shopping around is the best way to ensure you end up with a loan that has competitive rates.
  • Repayment terms.
    Does the lender offer a long enough payment period for you? The repayment schedule should be within your income so you can afford to make the payments.
  • Approval period.
    Turnaround time will vary. Bank loan applications can be in-depth and often time consuming, whereas a short term or installment loan should give you access to cash quickly. With the latter two, the approval should be instant and the cash transferred to your account within a couple of days.
  • Repayment penalties.
    Some personal loans carry penalties for missed repayments, which could end up straining your finances more and raising the cost of borrowing.

Benefits and drawbacks

Pros

  • Longer loan terms.
    Most one-year personal loans offer you a flexible repayment period and repayment options that suit your finances. You usually have the option to make weekly, biweekly or monthly repayments to fit your budget.
  • Flexible loan amount.
    A 12-month personal loan gives you access to a wide range of loan amounts, some up to $35,000. Different lenders offer different loan amounts, but you can generally borrow anywhere from $2,500 to $35,000. It is generally advisable not to take out multiple loans in a row, so be sure to apply for the amount you need.

Cons

  • Higher loan means more to repay.
    It can be easy to apply for the max loan amount, only to realize that you now need to pay it back over the course of the year and fit those repayments into your budget. Be sure that whatever loan you take out, you are able to make the payments within the limits of your income.

Things to be cautious of

  • Overspending.
    The temptation to borrow more than you need is always there. Remember that you will have to pay interest and other additional costs on your loan, so you should only borrow the amount you need and have a clear purpose for what you want to spend it on.
  • Missing repayments.
    Make sure that you can comfortably make your monthly repayments before you apply for a loan, as there are usually penalties for late payments.

Are you eligible for a 12 month loan?

A 12-month personal loan can make life a lot easier when you find yourself in a tight financial spot. Please note that you will have to meet the following requirements:

  • You have to be at least 18 years old in most states
  • You must be a United States citizen or permanent resident
  • You must provide proof of income

Remember, it’s always important to compare your options when it comes to loans for any term length. Use the tables above to help with your comparisons.

What type of loan are you looking for?

Fixed Term

Fixed Amount

7 days
30 days
2 months
3 months
5 months
6 months
9 months
24 months
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2 Responses

  1. Default Gravatar
    VictoriaSeptember 10, 2017

    Can I have a debit card bank account to use

    • Staff
      MaySeptember 10, 2017Staff

      Hi Victoria,

      Thanks for your question.

      Yes, you can receive the loan proceeds to your prepaid debit card. You can find and compare the lender that offer prepaid debit card loan on this page.

      Hope this helps.

US Payday Loans Offers

Important Information*
Slam Dunk Loans

Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

LendUp Payday Loans

LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

Check into Cash Payday Loan

With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

OppLoans Installment Loans

Installment loans with competitive rates from a top-rated direct lender.

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