Long term loans give customers the added flexibility to spread repayments over a longer period of time, with options to repay over 1 to 30 years. Rather than committing to a short term loan over a few weeks or months, the ability to extend repayments over time can give you much needed breathing space and help you stay on top of your finances.
With longer term loans, you can also borrow more, since repayments are spread over long periods, with the option to borrow £500 to £1 million, with security required.
At Lending Expert, we work with the whole of the UK lending market, allowing you to select the right product for you, whether it is a long term loan with low interest rates, bad credit or no guarantor – we have a range of secured and unsecured options available.
Use our comparison table provided and choose the lender with the best terms for you. You can apply for loans over 12 months, 24 months, 3 years, 5 years or 10 years if you prefer – simply click on “Check Your Eligibility’ and you will be taken to the lender’s website where you can apply directly.
All applications are completely online and free to complete. You will usually get an instant decision and, subject to further checks, you can receive funds in 24 to 48 hours (unsecured) or in under 2 weeks (secured).
Key Features of Long Term Loans
- Borrow £500 to £1 million
- Rates from 2.9% (unsecured) and 3.34% (secured)
- Repaid over 1 to 30 years
- Flexible monthly repayments
- All credit histories considered
- No early repayment fee
- No impact to credit score
- No guarantor options available
Types of Long Term Loans
At Lending Expert, we compare long term loans that are both secured and unsecured. When it is a secured loan, you are borrowing against something value you own, typically a property, house or flat. However, it is noted that your property may be at risk of repossession if you cannot keep up with repayments.
With an unsecured loan, you are not securing your loan against anything and your eligibility is based on factors such as your income, credit status and affordability.
- Debt consolidation loans
- Home improvement loans
- Personal loans
- Secured loans
- Second charge mortgages
- Unsecured loans
What Are Long Term Loans Used For?
Long term loans can be used for a variety of reasons, including things like paying off school tuition, holidays, engagement rings, weddings and starting a business. If you are looking to fund a special occasion, you can receive funds upfront to enjoy your celebration and then have the peace of mind knowing that you have several years to pay it off.
For those with a lot of debt outstanding, you can use debt consolidation loans as a way to put all your existing credit cards and loans into one single repayment every month. This makes it more practical and efficient to pay off your debts and eventually become debt-free.
Whether you are looking to spruce up your kitchen, bathroom or add a loft conversion to your home, many UK households use home improvement loans, both secured and unsecured. The nature of building work can take several months or years and so it makes sense to borrow money for a long term. In fact, by the time you pay off the loan in 3,5 or 7 years, you may find that your property is worth even more and you have made a profit.
Thousands of Britons use commercial business loans to help set up their company or use the injection of funds to stay on top of their cash flow. The opportunity to apply for a long term loan can give your business some much needed time to grow and maintain a healthy balance before paying it off in full.
What is The Eligibility Criteria for a Long Term Loan?
- Over 18 years of age
- UK resident
- Employed, stable income and able to make monthly repayments
- Valid UK bank account, mobile phone and email address
- Will need to own a property (for secured loans)
- Will need a good or fair credit score (for unsecured loans)
What Information Do I Need to Apply?
To apply for a long term loan online, you can select the lender of your choice and you will be taken to their website and asked to fill in some information.
Start by entering a few basic details including your name, age, address, income, expenses, loan amount and how long you wish to borrow for.
Your loan will be subject to status and may require proof of income through a bank statement or pay-slip, although each lender may vary.
If you are looking at a secured loan option, you will need to give information about your home including proof of ownership, estimated value of the property and your equity in the property.
How Long Can I Borrow For?
- 6 months
- 12 months
- 18 months
- 24 months
- 36 months
- 48 months
- 60 months
- 1 years
- 3 years
- 5 years
- 10 years
- 15 years
- 20 years
- 25 years
- 30 years
Can I Get a Long Term Loan with Bad Credit?
Long term loans for bad credit histories are available for those with less than perfect credit scores. To be eligible for a long term with bad credit, you can use a guarantor and secure the loan against your home or car to provide extra security. These options will be presented to you when you apply with one of Lending Expert’s featured lenders.
How Do I Get a Long Term Loan with a Low Interest Rate?
If your loan is unsecured, you can access low rates of APR if you have a good credit score, stable income and good affordability. This indicates to the lender that you are low-risk to lend to and therefore you could be rewarded with rates starting from just 2.9%.
If you prefer to use a secured loan, there are low rates still available, but this will be based on the value of your property and how much equity you have in it. If the property is valuable and you have sufficient equity, topped with a good income and credit score, you will be able to secure low rates from around 3.34% APRC
How Do Repayments Work for Long Term Loans
The repayments for long term loans are usually in equal monthly instalments, so you know exactly how much you are paying back each month – and the collections will be taken automatically from your account on a date that you specify for 1 year, 5 years, 10 years or longer.
Your loan repayments are a combination of capital and interest – and accordingly the longer you loan is open for, the more interest that accrues over time. Hence, it might be important to think about how long you need the loan for and avoid borrowing for longer than necessary.
If you are able to repay your loan early, you will always be able to do so – and you will typically save interest overall on the interest accrued. You will just need to contact your lender directly and this can be completed and repaid early. For larger and secured loans, there may be early penalty fees if you wish to end after just a few months – so be sure to check this in the terms and conditions.
How to Apply for Long Term Loan with Lending Expert
You can apply for a long term loan online using our price comparison table provided – to compare the loan duration, loan amounts and repayment examples. Simply click on ‘Check My Eligibility’ with the lender of your choice to get started. There are no fees for applying with partners of Lending Expert and there will not be any impact to your credit score.
You will be required to enter some simple details about yourself and you will receive an indicative quote on the screen.
Depending on the lender you choose and whether it is secured or unsecured, the process can be very fast (unsecured) or take just a little longer (secured) in order to verify and confirm details about your property. With an instant decision and funds available within days or weeks, Lending Expert is delighted to help find the best long term loan for you.