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12 month loans


  • Compare deals from a wide range of leading lenders


Why compare 12 month loans with MoneySuperMarket?

  • It’s quick and simple

    Answer a few questions about you and the loan you want. We’ll search the market to find great deals.

  • Filter and compare

    You can compare a wide range of 12 month loans and see your chances of being accepted. 

  • Apply in minutes

    Found the right 12 month loan for you? Just click through the loan provider to start your application. 

How do 1 year loans work?

  • Work out how much you need

    Try to be as accurate as possible because borrowing more than you need will leave you paying more in interest repayments.

  • Choose the best deal for you

    Lower interest rates mean lower monthly repayments. But make sure you’re happy with the conditions including any potential fees before you apply

  • Get the money paid into your account

    The loan will be paid directly into your bank account so you can start using the money immediately. Your monthly repayments begin straightaway.

  • Make monthly repayments

    You'll make 12 fixed monthly payments until your loan is cleared. You can choose to pay it off early, but watch out for early repayment charges.

We're 100% independent, working only for our customers

Unlike some of our competitors, MoneySuperMarket is not owned by an insurance company. So we can offer the best value, with savings delivered straight to you.

By combining independence with our excellent technology, we can negotiate the best prices and the best value on products and services.

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How much will a 12 month loan cost

The amount a 12 month loan will cost will depend on how much you borrow and at what interest rate.

For example, if you borrowed £2,000 at 5%, then you would pay back a total of £2,100 to clear the loan by the end of the year. This breaks down in 12 equal fixed monthly payments of £175.

Our loan calculator can help you work out how much different loans will cost at different interest rates.

Illustration of purple calculator

What are the pros and cons of a 12 month loan?

There are several factors to consider before applying for a 12 month loan. Here are some of the main pros and cons to weigh up:

  • Tick


    • You’ll receive the funds quickly once approved and can spend them how you wish

    • By paying the loan off over 12 months you’ll save on overall interest compared to longer term loans

    • A range of deals from leading lenders are available

  • Cross


    • It can be difficult to borrow larger sums compared with longer term loans, particularly if your credit score is low

    • Monthly repayments can be higher than if you paid the loan back over a longer period

    • You may not get the best advertised rate if you have a poor credit rating

With a pre-approved loan, the deal you see is the deal you get

When you apply for a loan, it’s not always clear what deal you’ll be offered or whether you’ll be accepted. But when you’re pre-approved for a loan you know the deal you see is the deal you’ll get – you’ll know where you stand, with information that will help you make the right choice

  • Apply with confidence

    When you’re pre-approved, the loan amount, duration and interest rate are all confirmed

  • Tailored to you

    When you know what you’ll be able to borrow and how much it will cost, you can choose a loan that’s right for you

  • You’re in safe hands

    This helps protect your credit score as you’re less likely to be rejected when you apply

How to choose the best 1 year loan

To find the best 12-month loan for you there are a number of things to consider:

  • Calculate how much you need

    Every extra pound you borrow will have to be paid back with interest. This pushes up the overall cost of the loan.

  • Compare to find low interest rates

    The lower the interest rate you can find, the cheaper your loan will work out. Shopping around is the best way.

  • Make sure you can afford the repayments

    You’ll need to agree to 12 fixed monthly repayments. Don’t take out the loan unless you’re confident you can cover it in full.

  • Read the terms and conditions

    There are likely to be fees for late payments or an early repayment charge if you want to clear the loan before the end of the term.

Can I get a 12 month personal loan with bad credit?

Can I get a 12 month loan with bad credit?

It may be possible to get a 12 month loan, even if your credit score is low.

But you’re likely to find…

  • Your choice of products is more limited

  • Interest rates are higher

  • You won’t be able to borrow as much

  • You’ll need to use a specialist lender offering loans for bad credit

By taking steps to boost your credit score over time, you can open the door to greater choice and lower borrowing costs in future. Check your score for free today with our credit monitor tool.

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How to apply for a 12 month loan with MoneySuperMarket

We’re here to help you find the right 12 month loan for your needs

  • It doesn’t take long

    Tell us a little about yourself, your finances and the loan you want

  • We’ll browse the market

    We’ll search through loans from across the market

  • Compare loans

    Sort loans by overall cost and your likelihood of being accepted

You can use a one year loan for whatever purpose you choose. But as with any loan you will pay back more than you borrow, so you should be certain you need the money before applying. Examples of things you could use a 12 month loan for include a car or bicycle purchase, necessary home improvements such as a new oven or washing machine, or to fix a broken boiler. Ultimately, it is your choice. The lender will just want to be confident you have the means to repay the loan before approving your application.

No, any application for credit, whether a loan, a mortgage, a credit card, or even a current account with an overdraft facility, will involve a credit check from the product provider. If you’re concerned you have a low credit score that might mean your application is rejected or that you won’t be offered the best terms, you can take steps to improve your credit rating.

Yes, just as with any other borrowing, as long as you pass the lender’s affordability checks you can get a 12 month loan with no guarantor. If you have a poor credit rating or no credit rating and feel you need a guarantor, there are specialist guarantor loans available.

You’ll need to provide your 

  • Name and date of birth (you must be at least 18 years old) 

  • Current address (and previous addresses covering the past three years)

  • Proof of income (details of your employment)  

  • Bank details

Our step-by-step guide to making a loan application provides more information on how to apply.

The maximum you can borrow will depend on your personal financial situation and whether the lender is confident you can afford repayments. There is likely to be a lower upper limit for borrowing on a 12 month loan than there would be for longer term loans.  

You work hard to earn your money, and we don’t think you should waste a penny of it paying over the odds on your household bills. That’s why at MoneySuperMarket, we’re on a mission to save Britain money.

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  • There are always more ways to save with MoneySuperMarket 

So how do we make our money? In a nutshell, when you use us to buy something, we get a reward from the company you’re buying from.

You might be wondering if we work with all the companies in the market, or if our commercial relationships with our partners might make us feature one company above another. We’ve got nothing to hide, and we want to give you clear answers when it comes to questions like these, so we’ve pulled together everything you need to know on this page.