Representative example of the total cost of the loan, including all applicable fees – Typical loan size of £25,000 over 120 months = £275.82 pm, 4.35% Variable APR – 6% (including £1800 in interest) total repayable £33,098
Maximum Annual Percentage Rate (APR) – approx. 24% (lender starting rate 18%) – Typical Apr will be around 8%
*We are not a lender, we provide a free credit brokering service. We will never charge you a fee for using our application.
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Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk
Loans subject to status. Over 18s only. Minimum loan amount may apply.
Rates from 4.5% APRC to 65.2% APRC are available – the highest rate is for customers with severe credit problems. Loans available from 1-25 years. TYPICAL 10.9% APRC variable
Here’s Why You Should Take Long Term Loans When You Have A Financial Problem
- Funds can be made available on the same day of application.
- Long-term loans can be used to start a business or complete a DIY home project.
- The whole application process is completed online, and even considers bad credit.
Most people who are in need of quick cash are relying on short-term loans. It’s a good choice if your concern is minor and urgent; however, if you need a financial assistance that will last for a longer time, then it’s best to choose long term loans. The alternative provides a larger amount you can use to purchase properties – such as a car or a house –or to settle bigger expenses such as multiple debts or an education fee.
If you think that long term loans suits you, you can start the application by looking for a lender online. There are many loan providers readily available over the Internet; however, you have to assess each lender carefully. If you’re uncertain, you can ask a loan broker for assistance.
Loan brokers are licensed and educated individuals who act as the middle person between the loan provider and the loan seeker. They earn a commission fee directly from the borrower or from lender. They may work as a freelancer or under a company. Nevertheless, the tasks of a loan broker are the same, which may include searching for the appropriate lender, processing documents, etc.
Meanwhile, if you are confident working with a lender, you can choose them when applying for long term loans instead. After all, direct lenders offer various advantages which can be enjoyed by the applicant. First, the loan provider can directly and quickly answer concerns. Unlike brokers, they have direct control over the inquiries. In addition, the rates are lower; no commission fee is involved because the interest already covers the fee for their service. Another advantage is the flexibility of the application process. Some lenders may waive fees or extend the loan’s due date, depending on the negotiation. That being said, getting long term loans from a direct lender is more convenient, faster, and cheaper.
If you’re still confused whether you need long term loans or not, below are some of its advantages:
The loan can be used for different purposes such as starting a small business, buying a new car, or home renovation. Its maturity date stars after one year or up to 20 years. That being said, it’s important to find the right provider for long term loans since you’ll deal with the lender for a long time.
Longer Repayment Period
Unlike loan settled on a short-term repayment period, it is not stressful. Rather than paying a single lump sum one time, you can divide the payment into portions. This means having enough time to plan for your finances, helping you deal with the loan easily. Most long term loans have a fixed interest; this means that the rate stays the same from the beginning until the loan is fully settled.
The loan has a downside, however; since it is a long-term loan, you will deal with it will stay in touch with the loan provider a lengthy period of time.
Lower Interest Rates
Compared to short-term loans, long term loans have cheaper interest rates, making it easier to settle. Its requirements are more complicated than short-term loans. However, some long term loans are actually more expensive than short-term loans.
Funds Big-Ticket Expenses
Unlike a short-term loan that gives financial support within two weeks, a long term loan can be used to finance bigger expenses such as purchasing additional machines for your business, paying an educational fee in full, or buying a new property. This is helpful when you want to expand your venture or you are in need of a financial assistance that would work for a long time.
Disadvantages Of Long term Loans No Guarantor
It’s no secret how long term loans are beneficial in many ways, but just like other loan options, it comes with a handful of cons as well.
With long term loans, a bigger loan amount is involved so it’s just fair for a lender to apply a stringent application process. This is one of the reasons why many borrowers end up being rejected. Most of them weren’t able to meet the lender’s criteria.
Limited Monthly Cash Flow
Repaying a loan, no matter how small or big the amount is, means a restricted cash flow. It doesn’t how if you’re earning a low or high income, you are obliged to allot a certain amount every month. Now, imagine if you’re doing this for 10 or 25 years. Rather than take care of the loan, you must have use the money elsewhere.
Acquiring Long Term Loans In An Instant?
Most people shy away from long term loans all because they think they can’t obtain it in an instant. A lot of documents and verification is involved, therefore a longer time is necessary before it’s completed. This is true, for the most part, but unlike before, it’s faster and more accessible. Like short-term loan applications, borrowers may acquire it by going online and filling out an application form.
The 2-minute application form online is easier to complete, asking for the loan seeker’s basic personal and financial information. If you’re planning to get a long-term loan, here are some of its prerequisites:
– Proof of residency
To increase your chance of getting approved, you must reside or be a citizen of the United Kingdom.
– Proof of stable income
Often, lenders will accept those who are employed whose income is high enough to cover the monthly expenses. If you’re self-employed, you must provide financial statements that would support your income. Meanwhile, those who are receiving benefits or pensions may also apply; however, your options are limited.
Without a doubt, a loan is a big responsibility, therefore it’s a must that you’re financially matured enough to handle it. Most lenders will require you to be at least 18 years of age while other loan providers may only accept those who are over 21 years old.
– A Working Bank Account
Some lenders will accept a postdated check while there are loans which can be settled via bank transfer. The lender may automatically withdraw your monthly repayment by giving them an access. You will also use the same bank account to receive the money.
Long Term Loan FAQs
Can I repay my long-term loan in several instalments?
Yes. The idea of a long-term loan is that you will be able to break the repayment amount into smaller instalments, making it easier for you to manage your budget over time. However, all instalments will have to be paid on time or even early (if possible), as this will prevent additional interest from being charged.
How much will I be allowed to borrow?
The amount of money you will qualify to borrow will depend on your financial circumstances. For example, are you employed? How much are you currently earning each week or month? How much other debt and monthly expenses do you have to pay for? When applying for your loan, you will be required to provide a list of regular expenses because this will help potential lenders determine how much they can entrust you with.
Is there a chance that my application could be declined?
Yes. In cases where you have not provided all of the required information or if a lender thinks that you may pose too much of a financial risk, they do have the right to decline your application for a long-term loan.
How old must I be to apply for a long-term loan?
Most lenders will have a stipulation in place that says you must be over 18 years of age before they will consider your application. However, some lenders may even require you to be 21 years old. This will be discussed with you at the time of application though.
How do I go about repaying my loan?
In most cases, the lender you are working with will deduct the instalments directly from your bank account on the agreed upon date each week or month. Some lenders may also be willing to accept post-dated cheques, so it’s important to find out beforehand.
Are foreign nationals allowed to apply for long-term loans?
Unfortunately not. In order to qualify for any loans from the lenders we work with, you will need to be a UK citizen.
It is our ultimate goal to make your lending experience as easy as possible.
If you have any queries feel free to contact our dedicated team of experts today.
Competitive Examples From Other Companies
Representative Example: Amount of credit: £300.00. Term: 91 days. Interest: £155.35. 3 monthly payments of £152.63.
Total Repayable: £455.35. Interest Rate: 292% pa (fixed) Representative APR: 1264%.
3 most recent personal loan reviews
Simply amazing! Quick, professional and understanding. Great agents over the phone. Thanks for helping me again!
Review posted by Shah Azad, Brighton
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The best and more serious loan company, Moneysupermarket without a doubt! Fantastic customer services and great communication , lots of good advice in how to manage your loan and very reasonable rates in accordance to your possibilities. Perfect for that extra pending project without making a big dent to your monthly income. Highly recommended!
Review posted by Maria Bidell, Manchester
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This has proven to be an excellent service. Quick, efficient and trusting.I would definitely recommend Giffgaff loans to friends and family in the future.
Review posted by Donna Blanford, Glasgow
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