Loans have a wide range of terms. The minimum term is usually 12 months. Whether a loan payment is realistic within a year depends on the amount of the loan and the monthly installments to be paid. In order to be sure, the rates should be chosen as low as possible so that the borrower does not experience payment difficulties.
What are the options?
A loan for a year also costs interest. This could possibly be saved if the person concerned borrows the money from friends or relatives. It would be unusual for them to charge interest. Of course, this depends on the reliability and the amount of money that is requested.
Another option would be to use the overdraft facility on the current account if it has not yet been used in full. However, this variant is very expensive because the banks charge double-digit interest rates. This option would only be possible if a loan already exists and the bank does not want to increase it.
In addition to the banks, there are private loans. The chances of success are very good here, because short-term borrowing is only likely to suit private investors. After all, they want to keep the risk as low as possible. The best known platforms for this are Lite Lender and Cream bank.
The Credit Bureau
Credit Bureau is also queried for a loan for one year. Anyone wishing to borrow money from a bank, Lite Lender or Cream bank must have a good credit rating. If it does not look rosy here, a loan approval is likely to be difficult. Then only friends and relatives remain to compensate for the financial bottleneck.
Another option would of course also be to postpone the wish for a year and save the money in the old-fashioned way. A year is quickly over and the saver even collects interest. It does not always have to be a loan in order to fulfill his wishes.