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Can one live happy without worry with outstanding debt? At first sight – the answer would be no. Still there are numbers of people in the UK who have debt to be paid back but they are stress free. The secret of their happiness lies in their knowledge of direct lending industry and available loan type. The experience and perfection in budgeting also make their debt cheaper. When the options are explored, ‘12 month loans’ come at priority of most of the borrowers because of more in common experienced and shared benefits.

Glimpse of 12 Month Loans Lending Industry in the UK:

The year 2017 was extremely significant for the UK consumer lending industry. The political turmoil during last few years hindered the consumer lending industry while the Govt. regulators initiated the numbers of actions to minimise risk for the industry. The numbers of banks faced complex decisions either to opt for raising the interest rate or to hold the same for the sake of economic growth.

The several reports state that interest rates are going to witness a rise in parallel to policy changes making the borrowing a costlier affair. According to a report released on April 19, 2018, the peer – peer (P2P) lending by lenders reached about £9 billion who provided finance help to 221,000 individuals and 50,000 business. More than £660 million were credited to accounts as new loan in first three months of 2018. Since the 3rd quarter of 2017, thirty-five % impressive increase of about £75 million was noticed in lending to diverse sectors businesses.

The Growing Demand of 12 Months Loans:

As more and more people trust the borrowing as the only measure to meet out the emergency financial needs, the private financial agencies are also expanding their offerings by designing the new loan format to suit the individual’s requirements. Today, the reputed direct lenders offer wide range of 12 months personal loans for specific needs including 12 month loan no credit check, 12 month payday loans, 12 month bad credit loan, 12 months bad credit- no guarantor loan etc.

The common concern of a borrower is eligibility. The leading online lending agencies offer poor credit loans with utmost flexibility to keep the borrowers in comfortable stage. Whatsoever may be the reason for having bad credit score, the lender is not concerned. The second concern of borrowers is about monthly installment amount; here too, online direct lenders allow the borrowers to repay as per their own convenience but the repayment period is mentioned in agreement. The quick 100% online process crushes the geographical barrier. The loan is approved within 30 minutes after receiving the application and the amount is transferred to bank account latest by the next working day. What else a borrower may expect? All the facilities, you often miss at mainstream banks make the 12 months loans by direct lenders in high demand.

The Bottom Lines:

The variety of 12 month loans format is expanding fast to meet out the diversity in growing demand. Whether you take 12 months £500 loan or 12 months £2000 loan, you have to pay a price that can be minimised by on the time repayment. The section of right lender is vital to your satisfaction level; therefore, invest some time and efforts to find out the best partner in your financial crisis.

The money in the form of a raise can help them pay down their debt more quickly. While it is true, there can also be another side to this.

What I actually mean by that is what if you could select benefits like more vacation time, over a raise in your salary?

Now your question might be why would one do that? Well, I believe that for keeping the process of paying off a debt at its best, one needs to stay focused and for this, one must take out time to enjoy life.

So, would you go for it? Let’s explore some of the advantages of both the scenarios.

Taking More Benefits

When it comes to discussing an annual increase, very few people consider negotiating benefits. But is it something you should think about on a serious note?

Yes, of course, it is. Why?

Some benefits can prove to carry more value than the small or even large raise that you might be receiving.

There are many benefits to negotiate, such as health benefits, educational opportunities, retirement benefits, and my personal favorite, more vacation time.

The first reason why it is my favorite is that when I was following my debt relief plan, it was this vacation time that kept me focused on my objective of reaching financial freedom.

The second reason why I went for extra vacation time instead of a raise is because I believe you can find a plethora of ways to generate more money, but you can’t create more time.

Unlike a raise, it is vital to keep in mind that for extra vacation you don’t need to pay more in taxes. Since you’d still be taking home the same amount of salary, your taxes would likely to remain the same. Well, you won’t be taxed on the number of days or weeks of vacation you get.

The concept of benefit increases isn’t something everyone approves of. Here are some points for the raise side of compensation.

The Reason Why Raises are So Popular
Everyone loves to have a raise and for a good reason. A raise will reflect in your paycheck every time until the next one or you find a different job. Even if you land on another job, there is a good chance that you’ll keep your raise with you.

Raises are simply amazing as they display themselves as a part of your salary. If you keep on getting big raises, your salary will hike in a short time. Did I still need to tell you that this can help you pay off your debt sooner?

Alongside this, you should also think about that some of your other benefits, including your 401(k) matching, that are based on your salary amount. On receiving a raise in your salary, you also get a raise in your 401(k) matching contribution.

It’d be a pity to miss an opportunity of taking that extra vacation.

The question is, which way would you like to go to achieve debt relief? Would you choose the road to some extra benefits like vacation time, or prefer the raise? Share your thoughts in the comments below.