Looking for long term loans? If a few months just isn’t enough for you, it’s time to look into long term loans. At Personal Loans Now you can apply for loan terms ranging from 1 month to 10 year loans – or more! We only work with FCA-authorised direct lenders, offering loans of £500 to £25,000, even for people with bad credit. Apply now for an instant loan decision, and if approved, the money can be sent to your account today.

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Discover the world of long term loans, how they work – and how to make them work for you.

Long Term Personal Loans

Long term personal loans are a useful financial tool that can help you invest for the future. You may want to pay for a car or home improvements. Or, maybe you’re trying to take your skills and qualifications to the next level. Whatever the reason, taking out a long term loan in the UK is a big decision. Wd we at Personal Loans Now want to help you make sure that you decide right.

Read on for a wealth of information that will help you learn all you need to know about long term loans.

What is a Long Term Loan?

A long term loan is a type of personal loan. The term ‘long term loan’ is usually used in contrast to a short term loan, in that the loan amount tends to be higher and the loan repayment period is longer. They are generally repaid in instalments. These are often with weekly or monthly repayments. However, some long term loan lenders in the UK will allow more flexibility on their loans than others.

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How Long is a Long Term Loan?

How long is a piece of string? A long term loan is generally at least a year long. However, it can last for 10 years, 20 years or even 30 years, depending on the type of loan. These are the longest periods available for loans in the UK.

The length of the loan will generally depend upon the amount that you borrow, and the purpose of the loan. A £5,000 loan will usually be repaid much quicker than a £50,000 loan, for example, and student loans tend to last much longer than home improvement loans.

There are many different types of loans available, and you may find the different terms confusing. Here is an explanation of the most widely used loan terms.

Loan type

How long can I borrow for?

Payday Loan A traditional payday loan lasts until your next payday, when you are expected to repay the loan in full. Therefore, they tend to be approximately 30 day loans.
Short Term Loan A short term loan is usually slightly longer than a payday loan, but the loan term can range from 1 month to 6 month loans. Some lenders will offer up to 12 month short term loans.
Personal Loan A personal loan is a term that can apply to a wide variety of loans. A personal payday loan will last for up to a month, whereas a long term personal loan can last for many years.
Instalment Loan Instalment loans are repaid in several instalments as opposed to one lump sum. These are usually weekly or monthly, and continue until the loan is paid. They range from one or two months to many years.
Long term Loan Long term loans usually last for at least a year, but often stretch to 5 year loans, 10 year loans – or even 30 year loans, in some cases. A mortgage is a good example of the longest type of loan.
How long do you need?
Apply now for loans from 1 month to 10 years+
with Personal Loans Now!

How do Long Term Loans Work?

In essence, a long term loan works the same way as any other loan. You borrow a certain amount of money for a certain length of time, and repay it together with some interest.

In order to find the best long term loans, you need to understand a bit more about the differences between the long term loans on offer in the UK, and how this affects their overall cost.

In the following video, you will learn about

  • How long a long term loan is
  • How the loan amount affects the cost
  • Why the loan term affects the cost
  • What other points to look out for before applying

Once you’ve worked out what type of loan you want, it’s time to pick a long term loan lender. Here are some key points to be aware of before choosing your long term loan company:

Are they a regulated lender? We can’t stress enough the importance of ensuring that your lender is legal. There are many horror stories of people who have been forced into financial ruin and even threatened with bodily harm by illegal personal loan sharks. Check that your long term loan lender is fully authorised to operate in the UK.

Do any fees or charges apply? A loan may look cheap, but are you being charged extra for same day payout on your long term loan? Are these long term loans with no upfront fees, or are there origination fees or establishment fees, where you pay just to receive the loan? Many lenders do charge extra for all sorts of things, so make sure to search for long term loans with no fee.

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Is it a direct lender? With long term loans from direct lenders, you know that you won’t get any surprise broker fees with your loan. However, a broker can scan all available loan offers and present you with the cheapest long term loan for bad credit from a direct lender who will approve you. At Personal Loans Now, we’ll do our utmost to procure you a cheap long term loan – and you’ll never be charged a penny for our service.

Do I have to be a homeowner? Some lenders will require you to own your home, as this indicates a higher level of financial stability. Make sure to check the long term loan criteria before applying, to maximise your chances of approval. You do NOT have to be a homeowner to be offered a loan when you apply with Personal Loans Now.

Is the interest rate fixed? The majority of long term loan companies offer fixed interest rates. This means that the interest rate stays the same throughout the term of the contract. However, some do offer variable rates, which means that you could end up paying more – or less – in interest. Make a decision carefully, as you could save or lose a lot of money depending on your choice.

Can I get long term loans with no credit check in the UK?

As with short term loans, it is illegal to offer long term instalment loans with no credit check in the UK. Part of being a responsible lender is ensuring that your loan will not make the borrower’s financial situation worse, so any lender offering long term cash loans with no credit check is clearly not taking the correct precautions. Furthermore, offering online long term loans with no credit check is actually illegal in the UK. But don’t worry! At Personal Loans Now, we’ll accept applicants even if they have very bad credit.

Do long term payday loans exist in the UK?

As we describe above, a traditional payday loan usually lasts for up to 30 days. Nowadays, however, payday loans with a long term payback have become increasingly popular, with long term payday loans direct lenders offering loan terms of up to 6 months, or even (in some instances) 12 month payday loans. The best long term payday loans combine the ease and speed of obtaining payday loans with the convenience of a long loan term. There are also long term payday loans for bad credit available, but check that there are no fees involved to ensure you get the best loan rates.

Do long term loans for unemployed people exist in the UK?

If you’re looking for a job, you may need a loan to cover your living expenses until you get hired. You can get instant long term loans for unemployed people online, but you may have to search for a lender than specifically caters towards the unemployed. It can be even harder to find long term loans for bad credit and unemployed, especially with no guarantor, and these loans may be more expensive. At Personal Loans Now, we have access to a wide panel of lenders, some of who do offer long term instalment loans for the unemployed, so apply now for an instant decision!

Can I get emergency long term loans with an instant decision?

If you need the money urgently, you don’t want to have to wait ages while the lender decides on your application. You need an instant long term loan! To speed up the process, try looking for quick long term loans with no guarantor. If you have special circumstances, loan applications may take longer. Nevertheless, it is possible to obtain long term loans for bad credit with an instant decision, or instant long term loans for the unemployed, from specialised lenders. Make sure your lender offers easy long term loans with same day payout, even for bad credit, to get the money you need, fast.

How much money can I get with a long term loan?

Long term loans tend to be for larger amounts than short term loans. How much you can borrow will depend on several factors, including your credit history and employment status. At Personal Loans Now, you can apply for a loan of up to £25,000*, and can choose to repay it over 10 years or more. However, remember that the more you borrow -and the longer you have it for – the more you will pay in interest. So don’t borrow more just because you can!

Long term instalment loans

Many people get confused between the terms ‘long term loans’ and ‘instalment loans’. In reality, a loan can be either, neither, or both. A long term loan means that the loan is open over a long period of time, whereas an instalment loan just means that the loan is paid back with multiple repayments, or instalments. So, long term instalment loans online are taken out over a long period of time, with regular repayments made at fixed intervals, usually monthly.

There are bad credit long term instalment loans online, and to get the best option it is usually a good idea to find lenders who specialise in these types of loans. However, if you do get a long term instalment loan with no credit check offer from a direct lender, be very wary as no credit check loans in the UK are illegal.

Are all long term loans instalment loans? No. While instalments is the most popular way of repaying long term loans, some lenders have the option of repaying the entire loan in one lump sum at the end of the loan term. This option may be easier for you, but it usually works out quite a bit more expensive.

Personal Loans Now - Long Term Loans

How to Work Out Long Term Loans’ Costs

Do you have to pay more money for a long term loan? This is actually a valid question, as you will often find that long term loans have a lower interest rate than shorter term ones. So is it cheaper to borrow money for longer? Sadly, no. This is because of two main reasons:

  1. You have the money for longer, so you pay interest on it for longer.
  2. Long term loans tend to be for larger amounts than short term loans, which again means that you will pay more in interest.

As a general rule of thumb, the longer you have the money for, the more you pay in interest. If your lender has one, a long term loan calculator is an extremely useful tool for helping you work out the best long term loan for you.

TOP TIP: Sometimes you can actually save money by borrowing more, if you’re close to the next level. For example, let’s say a lender offers loans of up to £9,999.99 at one interest rate, and loans of £10,000+ at a lower rate. If you only need £9,500, it may be worth your while to borrow £10,000 and pay the lower interest rate. Be careful to double check your calculations though!

Annual Percentage Rate

The simplest way to compare long term personal loans is by looking at the Annual Percentage Rate, commonly known as the APR. This refers to the total interest and fees you pay on your loan over the span of one year. The lower the APR, the smaller each of your monthly payments will be. So, search specifically for long term loans with low APR, rather than looking for a particular lender such as Wonga long term loans. This will help you to ensure you find the best low interest long term personal loans on the market.

Finding the Best Long Term Loans

There are so many long term loan lenders online! You obviously want to find the best long term loans in the UK, but where do you start?
The key is to know what you’re looking for. A search for the best long term payday loans will produce very different results to best long term personal loans. To help you out, we’ve collated some different search terms that people often use when looking for long term loans, together with an explanation.

Search Terms


long term cash advance loans

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When you need cash fast, a long term cash loan can be perfect for you. Most online lenders will send the cash directly to your bank account, usually with same day payout – although you should check that there isn’t an extra charge for this.

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Why pay more if you can pay less? By comparing your options, you can find the best interest rates on a long term loan available in the UK. At Personal Loans Now, we take care of all the comparisons and present you with the very best loan for you, if approved.

cheap long term loans bad credit

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You can get fast and easy long term loans online from a variety of direct lenders and brokers. At Personal Loans Now, the entire process is online, with no paperwork or application fee. Instant decision, with same day payout if approved.

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Can I Get Long Term Loans for Bad Credit?

Can I get a long term loan with bad credit? Absolutely! When choosing a loan, asking for a longer loan term will not make it less likely for you to be approved. However, long term loans for bad credit in the UK may not have the best interest rates.

In order to find the cheapest bad credit long term loan, it may be better to search directly from long term loans for bad credit from direct lenders who specialise in these types of applicants. You may be encouraged to apply for long term loans with no credit check, but do you really want to borrow from a lender who doesn’t care if you can afford the repayments? Remember, no credit check loans are illegal in the UK, and no trustworthy lender will offer them.

At Personal Loans Now, we have access to Monevo’s panel of direct lenders, some of whom specialise in bad credit long term instalment loans online. Your application will only go the lenders who are most likely to approve you, saving you the time and effort involved in researching lenders for yourself. So, apply now for long term loans with poor credit, and get an instant decision!

Personal Loans Now - Long Term Loans

Are Long Term Loans with No Guarantor an Option?

Finding a guarantor will usually make your long term personal loan for bad credit cheaper, but you may find it hard to find someone to agree. We have a page full of useful tips and information on guarantor loans with low APR. However, it is still possible to find long term loans for bad credit with no guarantor in the UK at a decent price.

Opting for long term loans without a guarantor will usually ensure you get the money faster. This is because there is less paperwork and checking involved. Quick long term loans with no guarantor are available both online and instore, but they will normally be faster online.

One final point – remember to check that your long term loan with no guarantor has no fees attached. These can add unexpected costs to the final price and make the loan more expensive than anticipated.

Should I get a Long Term Loan?

The first question to ask yourself is, do I really need a loan? Remember, whenever you borrow money, you will always pay back more than you received.

Personal Loans Now - Long Term Loans

If you can save up and pay in full, then do so. However, this isn’t always possible. If this really is a necessary cost to cover, and you really do have to cover it now, then you need to make the important decision of short term vs long term loans.

The Difference Between Short, Medium and Long Term Loans

Many people are confused by the difference between short term and long term loans. There is in fact some overlap; short term loans tend to range from a few weeks up to a year, while a long term loan can be a few months or several decades long. Which one you choose will depend on several factors.

What is your loan for? In general, loans should only be used as a last resort. It is almost always better to save up until you can afford the cost in full. However, sometimes you need the money urgently. If it’s to cover a smaller unexpected expense, a short term loan is usually the better option. Something larger and longer-lasting is often better tackled with a long term loan. This could be a home extension or a new car.

Personal Loans Now - Long Term Loans

How much do you need? If you need a relatively small amount, a short term loan is probably the right option. However, lenders will usually spread larger amounts over a much longer period of time. This will make the individual monthly repayments more affordable.

When comparing the short term vs long term loan interest rates, you’ll find that the rates tend to be lower for longer term loans. However, because the loan is for a longer time period, it will still work out more expensive overall. This brings us to the next point to consider:

How much can you afford to repay every month? This is where long term loan calculators come in. Try to get the loan term down to as short as possible while still being able to comfortably afford the monthly long term loan repayments.

A Long Term Loan is a Long Term Commitment

Remember, when you sign on for a long term loan, you are taking on a long term commitment. Are there any big expenses coming up in the next few years. These could be as a wedding, home extension, or a child starting university. Take all this into account before you sign away a significant proportion of your income each month. You may still find that you’re starting to get into financial difficulties. In these cases, we recommend contacting a free and impartial debt advice charity such as Stepchange.

Looking for an Affordable Long Term Loan?

Apply with Personal Loans Now for the best long term loan available to you.


Don’t be overly ambitious with your monthly repayments as you don’t want to get into trouble further on down the line if you can no longer afford them.

So, when you choose your loan term, it’s important to strike a balance between affordable monthly repayments and a cheaper total loan cost. Make sure your repayments are easily manageable, but ensure that the loan won’t drag out longer than it needs to, costing you more overall.

Is Personal Loans Now a Licensed Lender?

When applying for any financial product, it is important to check that you are dealing with a licensed and legal company. When you apply with Personal Loans Now, your application will be put through Monevo’s advanced technology system to find the lenders that are most likely to approve your application. Every single lender on the panel is fully FCA-authorised and has a good reputation in the UK. So, you can be sure that, no matter which loan you end up with, it will be coming from a lender you can trust.

Long Term Loans at Personal Loans Now

At Personal Loans Now, we specialise in speed and simplicity. Our online loan application form takes just minutes to complete, offering you a wide range of loan term options from 1 month to 10 years plus. We accept applications for long term loans of up to £25,000* with poor credit too, even if you’re not a homeowner and don’t have a guarantor. Your application will be sent to the FCA-authorised direct lenders who are most likely to accept it, and you’ll receive an instant decision. If you’re approved, you should get the cash into your bank account with same day payout. Couldn’t be easier.

Apply now for the long term loan experience you’ve always dreamed of.

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