It is usually difficult to get a loan with a bad credit score and even if a loan does get approved, it is with a high interest rate. A 12-month loan is also known as a short-term loan and can be used for business or personal purposes. 12-month loans are now possible if you have a good income from a reputed company or if you have good social media profiles. Linking your Facebook, LinkedIn and Google profiles can get you a loan. Most 12-month loans are collateral free but can vary based on the loan provider. You could also explore peer to peer loans, advance on salary or secured credit cards. 

If you want to improve your credit score, you could subscribe for Credit Mantri’s Credit Improvement Service (CIS) and better your credit score so that you become eligible for low interest personal loans.