Bad Credit Long Term Loan
Looking for long-term, flexible finance? Payday Loans Now can help you. If you require a long-term loan even with bad credit, then contacting us can be the best option for you.
What Is A Bad Credit Long-Term Loan?
A bad credit long-term loan is borrowed for a longer time period of more than a year. This type of long-term loan is specifically designed for people who have very poor credit score. They are offered at a low-interest rate often as compared to the short-term loans.
Why Should You Take a Long-term Loan with Bad Credit?
There are many benefits of bad credit long-term loans that can be very helpful for people with poor credit score. Some of them are as below:
- More flexible as compared to the short-term loans
- The interest rate of the loan is generally lower than the short-term loans. But can vary based on the loan applied.
- A bad credit long-term loan can be a helpful credit-building tool
- Simple to take because of the simple application procedure
Can People with Poor Credit Apply For Bad Credit Long-Term Loans?
Traditional lenders like banks won’t approve your loan application if you don’t have a stellar credit history, but with some research, you can easily find direct lenders who offer bad credit long-term loans with less than perfect credit history as well.
Application Process of Bad Credit Long-Term Loan Online
If you are interested in a bad credit long-term loan, Payday Loans Now has the best available loan options for you. For many years, we have been privileged to provide competitive funding to people in need. We understand that how important money is for you and time is important.
Therefore, we have a simple and straightforward loan application process. You just need to complete our online application form that asks for the amount you want to borrow and when you want it along with some personal information. We then check your provided data and you can get a decision from us in just 4-5 hours.
What Can You Use A Bad Credit Long-Term Loan For?
Bad Credit Long-term loans are debts that can be paid off in a year or more. Payday Loans Now has the knowledge of what purposes or situation compel you to go for a loan that is available for an extended period. We have been offering Bad Credit long-term loans to people of the UK for their needs for years. These needs can include, but aren’t limited to:
Improving your credit rating
Do you have a bad credit history in your financial profile? Nothing to be worried as you can get the money you need in your bank account easily. You can select through our outstanding deals in long-term loans for poor credit people. We are in business to lend money as per your comfort. You will get a competitive interest rate and other loan terms based on your present financial capacity.
Consolidating your debt
Consolidating your debts in one larger loan which can be easily repaid over an extended time period means that you’re offered a definite date of when your debts will be over and let you handle your monthly budgets as well. As a loan broker with years of expertise and experience, Payday Loans Now has many Bad Credit long-term loans to suit your diverse needs. This loan may need your property as a security against the loan. So, you should be able to easily afford the repayment with your normal income since you have the risk of losing your property. If you do not keep making the repayments on time.
Businesses often take long term loans to help finance their business. A secured and Bad Credit long-term business loan can be used for investing in resources, stocks, premises, and other expansion plans.
Home Purchase or Renovation
To have your own house or renovating your current property can be an ever-living dream. But, getting the money you need can be the hurdle sometimes. Stopping yourself isn’t a good option since Bad Credit long-term loans are there to help you with a repayment option of a year or more.
What Qualifies As Bad Credit Long-Term Loans?
A Bad Credit long-term loan offered by Payday Loans Now can offer more flexibility and breathing space to repay the loan over 1 year to 20 years. Because of the great extent of involved financial commitments, sometimes long-term loans may be secured against a car, home or other assets. Though clients can settle down the loan early on, the repayments are usually done on a monthly installment basis.
What Qualifies You For A Bad Credit Long-Term Loan?
If you meet the following requirements, you can apply for a Bad Credit long-term loan online:
- 18 years in age or more
- A regular income
- A UK-based bank account
- A current resident of UK
Those who meet the eligibility requirement mentioned above can apply online for a Bad Credit long-term loan through Payday Loans Now. However, your loan approval is not guaranteed with these eligibility criteria. We will perform a thorough credit search for your application. So, we need to ensure whether you will be able to make the repayments or not before approving.
Bad Credit Long Term Loans FAQs
Ans: At Payday Loans Now, we don’t process any long-term loan application with checking credit scores in the UK. We follow responsible lending terms and treat every client fairly and equally. We approve a loan only if we think that you can manage your finances and afford the repayments. We have already helped thousands of clients like you to get the funds they need which are proof of our high-acceptance rate. In case, you do not pass our credit check, we will have to decline the loan application. If we don’t approve your loan application, you won’t be necessarily refused by other lenders out there. You can try your luck somewhere else.
Ans: Usually, long-term loans don’t call for a guarantor. But, some lenders approve a Bad Credit long-term loan only after co-signing by the guarantor. It completely depends on the money you are looking to borrow along with your credit score. In case of bad credit, lenders might offer you the required loan with a guarantor only. And the guarantor will be somebody with a high credit score. However, if the borrower himself/herself has a good credit rating, no guarantor is needed.
Ans: Payday Loans Now offers Bad Credit long-term loans for those with a great credit score from £1000 to £25000. However, those with a bad credit score are limited to borrowing £7500 as a maximum amount because of higher lending risk.
Ans: Payday Loans Now works fast to offer the loan and funds you want. Our online loan application takes you 3 minutes only to complete and you can rest assured to get a decision in just a few hours. You can get the money in your account on approval on the same day itself.