It’s quick and easy
We’ll show you all the key information upfront so you can pick the right deal for you.
FIND THE RIGHT LONG TERM LOAN FOR YOU
It’s simple to compare loans with us, and we’ll show you your chance of being approved for each loan deal.
We’ll show you all the key information upfront so you can pick the right deal for you.
Don’t worry. We’ll show you your chances of being accepted for each deal.
Once you’ve made your choice, click through to the loan provider to apply.
Different types of loans are available to suit different borrowers. Which loan you can get will depend on your financial situation and credit score.
You don’t need to put down any assets as security, but you might need a strong credit score to get the best deals and lowest interest rates
Using a valuable asset such as your home as security might mean you can borrow more and at a lower interest rate, but your home will be at risk if you can’t keep up with repayments
Lenders will typically offer up to £15,000 on an unsecured personal loan. If you need to borrow more than this there are secured loans available where the debt is secured against your home.
You need a loan to be affordable and a longer-term loan will mean lower monthly repayments. But you will end up paying more interest overall, so factor this in before making your decision.
The loan will be paid directly into your bank account so you can start using the money immediately. Your monthly repayments will usually begin straightaway too.
You’ll make a fixed number of monthly payments at the same time each month until your loan is cleared. You can choose to pay it off early, but watch out for any early repayment charges
When you apply for a long term loan, it’s not always clear what deal you’ll be offered and whether you’ll be accepted. But when you’re pre-approved for a loan, you know the deal you see is the deal you’ll get – and you have the information to make the right choice.
If you’re pre-approved, the loan amount, interest rate and duration of the loan will be confirmed – providing the information you have supplied is correct
When you know what you’ll be able to borrow and how You’ll be pre-approved for a long-term loan based on your credit score and finances, so all the results you see are tailored to youmuch it will cost, you can choose a loan that’s right for you
With a pre-approved loan, you don’t need to worry about being turned down and searching and comparing won’t harm your credit score
There are a range of pros and cons to consider when applying for a long term loan. Here are some advantages and disadvantages to think about...
Because the length of the loan is longer, your regular repayments are often lower – giving you more disposable income every month
While monthly repayments may be lower, you’ll pay a greater amount in total interest because the loan is paid back over a longer period
Taking out a long term loan can show lenders that you can borrow responsibly, which helps build your credit rating over time
It may be tougher to get a long term loan if you have bad credit. You may not be able to borrow a large loan, or you have to pay higher interest
Long term borrowing often comes at lower interest rates than shorter term loans. You may be offered lowest rates on a secured loan, but you’ll need to use your home as security
If you fall behind with repayments, you may face extra charges and see your credit rating damaged. If the loan is secured against property, your home is at risk if you default
It’s possible to get a long term loan with bad credit, but you might find:
Interest rates are higher
The amount you can borrow is lower
There are fewer loan deals to choose from
If you have a low credit score the loan types that could be most suitable include:
Guarantor loans. A family member or loved one acts as a guarantor and is liable to repay the debt should you default.
Secured loans. The lender is more willing to lend because they can take your house as security in the event you can’t repay what you owe.
Bad credit loans. Specialist lenders offer loans to those with poor credit ratings. But expect interest rates to be much higher and loan amounts will be small.
Read our expert tips on improving your credit rating.
Find the right loan for you and see which deals you’re pre-approved for.
Tell us a little about you, your current finances and type of loan you want
We’ll sift through deals from our panel of lenders to find those most suitable to your needs
You can sort loans by the overall cost and your chances of being accepted
Yes, you can pay back a long term loan early, but you might face an early repayment charge to clear the debt. Always check the loan terms and conditions before you sign-up – particularly if you think you might be in position to pay it off before the end of the term.
The interest rate you’re offered will depend on a range of factors including your finances and credit rating. For comparable amounts long term loans may have lower interest rates than short term borrowing because there is a perceived lower risk to the lender.
You’ll need proof of name, age and address in the UK. You’ll also need to share some financial details with the lender so they can evaluate your application and be confident you can afford the repayments.
Most long term unsecured and secured loans will have a fixed interest rate for the whole term. This is not always the case though so be sure how your interest rate or APR works before you sign up.
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