Tips To Help You Find Long Term Loans. Long term loans are defined as those that have a substantial period for repayment. The definition may vary in some cases but it is broadly agreed that a three-year repayment term is considered long term.
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Loans that have six months or even eighteen months as the repayment term are not usually considered long term loans. Any loan that requires onetime repayment, also known as single repayment loans, is certainly not long term loans.
Representative 277.5% APR - Representative Example: Amount of credit: £750 for 12 months at £119.21 per month. Total repayment of £1430.52. Interest: £680.52. Interest rate: 140% pa (fixed). 277.5% APR Representative.
There are two advantages of long term loans. One, you have a substantial period of time to repay the loan. Two, the rate of interest is much lower than short term loans.
However, you need to have a certain financial profile to successfully find long term loans. People with all credit types or ineligible financial profiles will not be able to find long term loans easily.
Here are some avenues at your disposal which you can try, regardless of your credit score and financial profile.
You can always look for a secured loan. A secured loan typically has a long repayment term and the rate of interest is usually reasonable. Secured loans require you to have a guarantor or collateral.
Long term any purpose loans
You may use your home or car or any asset that you have if you fail to keep up the payments. The asset must be tangible and should have adequate financial value. It doesn’t have to be worth more than the loan but worthy enough for the lender to consider it as security.
In secured loans, what matters most is the asset and then the monthly income. The credit doesn’t really matter as much. It will matter if your loan amount is huge. For small yet long term loans, this is a good enough option.
You can try peer to peer lending networks. There are many such networks that offer loans with a long repayment period. You can easily get a repayment period of three years to five years and often more if the loan amount is high.
Some peer to peer lending networks will need you to have a good credit history, others don’t. You can find long term loans from such networks depending on your credit history and the loan amount.
Networks that accept applications without any credit check will advertise it so you need not ransack the virtual world. But, loans for all credit types applicants may incur a surcharge on the rate of interest.
If you own a home, then you can always opt for a line of credit against its equity. Also known as a home equity loan, this is a pretty workable solution for homeowners when one needs to find long term loans.
There are private lenders that offer three years to five years as the repayment period. But they are few and far between. You need to run a few online searches, ask around or you can use an online loan comparison website to get the details of the relevant companies.
You should try to find long term loans no matter what the need or purpose is because they will be much easier to handle and repay.