If you’re interested in long term, low interest loans, we have the best long term loans you’ll find on the market today. With repayment options up to 10 years, you can spread the cost of long term personal loans from £1,000 up to £25,000. Using our credit on demand system, we can show you 40+ direct lenders who can offer great rate long term loans in the UK. Click apply now, and we can work quickly to show you your personalised loan options.
What are Long Term Loans Online?
Long term loans in the UK refer to any amount of borrowing that is repaid over an extended period. A long term unsecured loan is agreed over a specified period with a pre-planned repayment schedule. If you’re unsure what repayments will look like for the loan you want, use our personal loan calculator You’ll be able to see instantly what repayments will be as well as the amount of interest charged. Depending on your current credit score, you can be approved for long term loans anywhere between £1,000 and £25,000 instantly online. With an extended length of time to make repayments, you’ll have much less to pay each month. This can make long term personal loans an affordable option for many.
Long term Loans Even for Bad Credit
If you have bad credit, we can still help you get long term personal loans, even without having a guarantor. This is because we consider your whole finances when you apply through Personal Loans Now. If you can meet our eligibility and afford repayments, we can find a long term loans direct lender for you. Because long term loans are repaid over a longer period, monthly repayments are more affordable. For applicants with a smaller disposable income, this can help with budgeting your finances. Why not click apply now, and see how much you can borrow today.
What Are the Eligibility Requirements for Long Term Loans?
To be able to apply for long term loans online, you will need to meet the following minimum requirements:
- Aged 18 years or over
- Have a UK bank account
- Have a regular income
- Are a current UK resident
If you can meet the above eligibility, then you can apply online for long term loans through us. Please note, this doesn’t mean you are guaranteed approval for long term personal loans. We are an FCA authorised responsible lender of long term loans. We will conduct a credit search as part of your application. The direct lenders we work with are FCA authorised as well. This means you’ll need to prove your affordability to be approved for long term loans.
What Do I Need to Consider Before Applying for Long Term Loans?
Before you decide to apply for long term loans online, there are a few things you will need to consider, including:
Unsecured or Secured
As well as long term unsecured loans of up to £25,000, we can offer secured loans for higher amounts. If you want a larger amount up to £250,000, then a secured loan may be the better option for you. You may find some direct lenders will only offer long term loans that are secured against a property or car.
The Type of Interest
Many direct lenders offer a fixed term rate of interest. You may find some lenders will also offer a variable rate of interest as well. Where a fixed rate stays the same throughout the loan term, a variable rate can increase or decrease throughout. This is much like interest on a credit card. You’ll be able to see the rates of interest each direct lender offers before you apply. You should carefully consider your options before applying.
Each Lender’s Requirements
Some direct lenders will have differing guidelines during your application for credit. Make sure before you apply that you can meet all the guideline requirements. The chances of being declined increases if you’re applying for a loan you’re not eligible for. Additionally, your credit score will be negatively impacted in the long term.
Length of Repayments
Long term loans offer a more affordable monthly repayment. But you’ll need to carefully consider how much interest you will payback. Could you pay slightly more each month to clear the debt quicker? It may help you in the long term if you can clear the borrowing quicker. You should aim to not have the loan longer than is necessary.
What are The Disadvantages of Long Term Loans?
Depending on how long you plan to make repayments for, the best long term loans aren’t always for the longest periods. You’ll need to carefully consider how much you could end up paying back in the long term. For example, if you take out a long term loan over 5 years for £5,000 at our fixed rate APR of 39.7%, you would be paying an interest charge of £4230.72, whereas if you took that same loan over 2 years, the amount of interest charged is much lower at £1904.04. Use our personal loan calculator tool to see how much you could be paying. Make sure you are happy with the amount of interest you are paying back in total.
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Long Term Loans FAQS
Can I Get a Long Term Loan with No Credit Check?
We cannot process an application for long term loans in the UK without a credit check. We are committed to responsible lending and treating all our customers fairly. As a lender, we need to ensure your finances are manageable and that you can afford the lending you want. We are proud of our high acceptance rates, having helped 50,000 applicants just like you receive the funding they need. However, if you do not pass the credit search then we will, unfortunately, have to decline your application. If we can’t approve you, then this doesn’t necessarily mean you will be declined with other lenders. We will happily show you the other direct lenders who are best placed to help you.
Do I Need a Guarantor for Long Term Loans Online?
You do not need a guarantor for long term loans. However, you may find some direct lenders can only approve your application with a guarantor co-signing. This can depend on the amount you wish to borrow and your credit rating. If you have a poor credit score, some lenders may only be able to offer you the money with a guarantor. This ideally will be someone with a good credit score so that the risk to a lender is reduced. If you have a good credit score, then no guarantor is required for unsecured borrowing up to £25,000.
What’s the Maximum I Can Borrow with a Poor Credit Score?
We can offer long term loans between £1,000 and £25,000 to those with a good credit score. If you have a poor or bad credit score, then you will be limited to borrow a maximum of £7,500. This is because, due to a bad credit rating, you would be of much higher risk to lend to. The capped amount is designed to protect you from borrowing more than you can afford.
Can Long Term Loans Help me in Financial Difficulty?
Long term loans can help you make manageable repayments over a longer period. However, they are not suitable for those in financial difficulties. If you’re in financial difficulties, then using short term borrowing to help pay for debt is not ideal. It can possibly cause more issues than it solves. If you’re in financial difficulty, we strongly recommend you contact one of the many free organisations. Money Advice Service are a company who can offer impartial advice to help you.
How Quickly Can I Receive the Funds into my Bank Account?
We work quickly to provide the money you want. That is why our online application takes just 3 minutes to complete and will give you a decision within just 90 seconds. You can click apply now to having the money deposited into your account, once approved, on the same day. Once you have been approved, in normal working hours (9-5 PM), you can receive the funds fast. This means you can put them to good use immediately.