Are you living paycheck to paycheck? Are you constantly faced with unexpected occurrences such as car and house repairs? With no money left, your only option may be asking a family member or friend to borrow money. However, you just realized that you still have a few outstanding debts with those persons. You are now left to ponder on where you can obtain a small, short-term loan in a limited time period. Many companies can meet your financial need through the provision of 12 month loans.What are 12 Month Loans?Twelve month loans are short term loans which allows you to borrow up to $1,500 to cover expenses such as car repairs, house rent, or pending bills you may have had to delay due to a lack of funds.Requirements for Securing a 12 Month LoanTo qualify for a 12 month loan, you must be a US citizen, 18 years or older, employed, and have an active checking account. Whether you have good, bad, or in between credit you can still apply for a loan, as long as you fulfill the loan’s prerequisites. Applying for these loans is a very simple process. Visit the website of any 12 month loan provider, and complete the loan application. The form requires you to choose a loan option. These options include PayDay loan, cash advance, debt consolidation, consolidate a bill, home improvement, auto loan, and bankruptcy. After selecting a loan option, you will be asked to provide the loan amount, your name, address, date of birth, home status, driver’s license information, cell/home/work phone numbers, email, and the best time to call. Furthermore, you will be required to fill out your job and bank account information. Once you submit your application, you can expect a response within a few hours.Pros and Cons of 12 Months LoansWhen applying for a 12 month loan you are not required to pledge collateral or security. Additionally, you do not have to worry about your credit rating, since the application is weighed heavily on your job security and your ability to repay the loan. Another great benefit of these loans is that your application can be approved within a few hours, unlike the traditional bank loans which can take a few days or weeks depending on the type of loan for which you are applying. Although your application may be approved within a few hours, you need not worry about having to repay the loan right away. You will be given a loan repayment tenure of one year. Take for instance, if you were approved for a loan in March, you would be required to repay that loan by February next year. You can opt to pay the loan off within days or weeks of your approval; or you can repay the loan via monthly installments. The only downside to acquiring a 12 month loan is the interest rates you are required to pay on the principal borrowed. Interest rates vary from lender to lender and may increase if you decide to extend your repayment plan for the duration of the one year tenure.