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Long Term Loans

Long term loans allow borrowers to spread repayments over an extended period, typically ranging from 1 to 10 years. These loans are ideal for financing larger expenses, such as home improvements, debt consolidation, or major purchases.

How Much Would You Like To Borrow
Representative 79.9% APR Rates from 12.9% APR to 1721% APR. The minimum Loan Term is 1 month. The maximum Loan Term is 36 months. Representative Example: £1,000 borrowed for 18 months. Repayment of 17 Months at £87.22 and final repayment of £87.70 The total amount repayable is £1570.44. Interest amounts to £570.44, an annual interest rate of 59.97%.

What Are Long Term Loans?

Long term loans provide larger loan amounts, often starting at £1,000 and going up to £25,000 or more, depending on the lender. They are repaid in monthly instalments, offering predictable payments and manageable repayment schedules.

Benefits of Long Term Loans

Larger Loan Amounts

Long term loans allow for higher borrowing limits compared to short-term loans.

Lower Monthly Payments

By spreading repayments over a longer period, borrowers can enjoy lower monthly instalments, making the loan more affordable.

Flexible Usage

Funds can be used for a wide range of purposes, such as home improvements, car purchases, or debt consolidation.

Things to Consider

Total Cost of Borrowing

While monthly payments may be lower, the extended term can result in higher total interest costs.

Credit Impact

Lenders assess creditworthiness for long term loans, so a good credit score often results in more favourable terms.

Frequently Asked Questions

1. How long can repayment terms be for long term loans?

Terms typically range from 1 to 10 years, depending on the lender.

2. Can I get a long term loan with bad credit?

Some lenders offer long term loans to individuals with poor credit, though interest rates may be higher.

3. What are the common uses of long term loans?

They are often used for home improvements, car purchases, or consolidating debts.

4. Are long term loans regulated in the UK?

Yes, all long term loans must be provided by FCA-authorised lenders.