Long-Term Loans from PLNOW
How Fast Can I Get my Money?
You will get the money into your bank account the same day, if you are approved for long-term credit. Our online loan application form takes just a couple of minutes to fill out online, and you will always get an instant decision.
How Long Can I Borrow a Long-Term Loan for?
You can borrow long-term credit from 3 months up to 60 months. There are some lenders who offer much longer terms, up to 10 years or more.
Can I Repay with Several Instalments?
Yes, you can repay your loan over several instalments, this will usually depend on how long you choose to take your loan out over – the more years the more installments. When you apply for a loan with us, you can always choose how many instalments you want to repay your loan with our easy to use online application form.
Can I Get a Long-Term Loan if I have Bad Credit?
Yes, you can get long-term finance with bad credit, but it may take longer to find one. Some lenders offer loans to all types of people regardless of their credit score as long as they can afford to make the loan repayments. We always recommend that you try and improve your credit rating before applying for a loan. Spending on credit cards and paying them off in full each month is a great way to boost your credit rating.
Long-Term Loan FAQs
What is a Long-Term Loan?
Long-term credit is a debt that is paid off over an extended period of time, usually more than one year. Long-term finance involve borrowing money over a specified period with a pre-planned payment schedule.
What are the Benefits of a Long-Term Loan?
Here are some advantages of long-term credit:
- The flexibility. You can get long-term credit online ranging from £1,000 up to £100,000, and you can repay the loan over a period of time that suits you.
- The interest rates are usually much lower on longer-term loans.
Another advantage is that you pay back long-term credit over an extended period of time. A longer time period means lower monthly payments which make the repayments more affordable, although you may pay back more overall.
See the impact of paying back over a longer period in this example:
|Loan||Loan period||APR||Monthly payment||Total payment||Cost of loan|
|Loan period||2 years||5 years|
|Cost of loan||£1904.04||£4230.72|
From this example you can see that even though the monthly payments are much more affordable when paying back your loan over a longer period of time, the overall cost of the loan increases. So you have to choose the length of loan that is affordable for you. If you do take out a long-term finance with bad credit, make sure you fully understand the terms of the loan and can afford the repayments.
What are the Disadvantages of a Long-Term Loan?
The main disadvantage of long-term credit in the UK is the early repayment charges. Long-term loan direct lenders may charge you for repaying your loan early so check this out before you take out a loan. Also, be aware that many lenders charge a fee for missed payments.
Are Long-Term Loans also Instalment Loans?
Yes, long-term loans due to their longer terms are also considered installment loans. An instalment loan allows the borrower to repay their loan with several repayments. The loan isn’t repaid in one lump sum and the loan duration is longer than a short-term loan. For instance, the borrower may choose to repay the loan over 12 months. There can be times when long-term credit aren’t repaid in installments. While this is rare, some lenders choose to lend larger amounts over a longer term, while allowing the borrower to repay the full loan amount all at once at the term’s end.
Are Long Term Loans with no Credit Check Safe in the UK?
Lenders offering long term loans with no credit check are probably not following the FCA responsible lending guidelines so you can’t be sure that entrusting your confidential details with these lenders is safe. We always carry out credit and affordability checks on all our applicants, to ensure that providing them with a loan won’t harm them financially.
What should I Consider Before Taking a Loan?
Before taking out long-term finance online you should consider the following:
- If the loan is secured or unsecured: Some long-term loans are secured against your property, especially if you want to borrow a loan for longer than 5 years.
- The type of interest rate: Most personal loans UK offer fixed rates, but some longer-term credit has variable rates. Variable rates mean that the rate can change during your loan, so make sure to check before you apply.
- The lender’s borrowing rules: Before you apply for a loan, check you meet all the lender’s application guidelines, e.g. that you earn more than their minimum income.
Apply now for a long-term personal loan of your choice and get an instant decision! As a premium direct lender and credit broker you can rest assured that we are fully authorised and regulated by the Financial Conduct Authority. You can borrow any loan amount between £1,000 and £25,000* with monthly repayment plans ranging from 3 months to 60 months (5 years). We’re flexible – you can choose whether you want a loan with a guarantor or not and you can apply with a poor credit history too.
Last modified: March 5, 2019