Long Term Loans

What are the Types of Long Term Loans?

Availing funds for a larger amount and duration allows you to accomplish the big ambitions of your life. You have the following long-term loan options to utilise for varied purposes:

Car Loans: Whenever you seek the desire to purchase a new car of your dreams or repair the existing one, these loans bring funds for you up to £25000.

Mortgage Loan: Buy a property with no financial hassle like bad credit or low income. Mortgages are long-term loans that are applied to fetch amounts over £100000 and for a longer duration.

Debt Consolidation Loans: Erase multiple debts soon through long-term debt consolidation loans in the UK. One payment clears off all the pending dues, and the benefit of low-interest rates is also there.

Home Renovation Loans: These loans fulfil your aspiration of making your home more beautiful to live in. Long-term home improvement loans are enough to give your living space a completely new look.

Business Loans: Start your venture or add more infrastructures to the existing one by availing of long-term business loans for a longer duration.

The eligibility of taking out a loan depends on the following factors:

Your income
Your credit score
Length of your loan
Security against the loan

What are the Benefits of Long-Term Loans?

Flexibility
These loans are much more affordable than short-term loans because you will pay your debt in instalments over a specified period. Featured with the amortising facility, your instalment will go toward both the principal and interest, making it easier for you to repay the debt.
Same day Payout
Unlike other direct lenders in the UK, we have the advantage of allowing long-term loans on the same-day payout for our borrowers. The loan procedure will be as exact as short-term loans, i.e. online. Not many papers and a soft approach towards the credit check policy do this for you.
Apply with no collateral
Are you surprised? Yes, you have the opportunity to apply for long-term loans with no collateral. We make this possible by accepting your loan application with the guarantor’s signature.
CCJ is not an issue
We accept long-term loan applications of those with CCJ (County Court Judgement) against their name. The approval comes if your recent financial commitments are perfect.
No upfront fees
We keep everything transparent during the loan process and do not charge any upfront charges. You only have to pay the interest rates, which are finalised according to your affordability.
Variable repayment terms
When you have a flexible repayment term from us, you can have peace of mind. We allow flexible terms in which you can select one which is manageable from your monthly earnings.
Approval on Part-time Income
We are fully prepared to offer long-term loans for unemployed people. However, they must earn a sufficient part-time income to ensure the repayments per the schedule.

Longer period makes the loan more manageable. Look at the table below:

£10000

8.9%

£207.10

£12,425.91

£2,425.91

£20000

8.5%

£247.97

£29,756.57

£9,756.57

When Should You Take Out a Long Term Loan?

With long-term instalment loans, you can take out larger funds, which is impossible with short-term loans. These funding sources can be used for the following purposes:

Business needs

Get wings to your success by taking out a long-term business loan in the UK for various reasons such as:

To increase working capital
To buy equipment
Office renovation
Investment in a new premises/project etc
Talent acquisition
Business expansion

Home improvement

Do you want to add to the value of your house? If yes, you might be looking forward to having a loft conversion, extension, renovation of the interior, construction of the patio etc. If your savings fall short of a small amount of cash for the refurbishment of your house, you can take out long-term personal loans for home improvement.

Equipment Purchases

Yes, you can apply for loan term loans to purchase significant equipment. Suppose you want to put CCTV at your home or an iPhone or add equipment to your office. These loans bring quick funding access to your bank account.

Funding the Wedding Expenses

Is your auspicious occasion of the wedding coming closer? Do you not have enough funds to carry on more expenses for the event? There is nothing to worry about because our long-term loans are there to fund those expenses. Borrow funds and do whatever to celebrate this once-in-a-lifetime moment.

Cover up Education Costs

Studying with a complete concentration requires no obstacle coming from any end, especially the financial one. Therefore, loans for a longer duration are perfect for bringing funds for multiple education expenses, such as tuition fees, maintenance costs, and many more.

Can You Get Long-Term Loans for Bad Credit?

A lender will approve your application only when you have the repayment capacity, and your credit score is not below average. ForeverFinances offers long-term loans for bad credit borrowers too.

These loans allow you to put an asset as collateral to have reduced monthly repayments over an extended period. However, it is not mandatory in these situations:-

If you have a steady source of income and you prove that you will keep paying off instalments of your debt, we will not ask you to put collateral;
Suppose your recent financial commitments are satisfactory, and your income is capable enough to maintain scheduled repayment.

In these scenarios, we even consider your application for long-term loans with no credit check and no guarantor. However, we still consider your affordability before approving the loan deal for you.

How Large Loans Effective For People with Bad Credit?

It is fine if you have done all the preparations from your end, like how much you will borrow or what will be the loan period. You can now apply online for large loans for bad credit from direct lenders.

If you get the approval, you will avail following benefits with us:-

Larger Loan Amount: You have the chance of availing yourself of a big amount despite poor credit to fulfil a significant financial purpose.
Fixed and Flexible Repayments: We offer both flexible and fixed repayment terms. You can choose as per your financial capacity. Both the repayment options have their own advantages.
Borrow for any significant financial purpose: We do not limit your financial goals before approving a loan for you. You can use our bad credit long-term loans for any larger financial purpose like home improvement or car purchase.

Can You Apply for Long-Term Loans for Bad Credit with No Guarantor?

You may have the approval on loans with no guarantor needed. However, we recommend you figure out ways to improve your credit score before applying for long-term loans for poor credit.

Here are some recommendations to follow before submitting your loan application:-

Pledge Collateral if Possible

You have no guarantor, and we do not have any objection to this. Still, you can make your loan application stronger by pledging the collateral.

However, we still approve your application for long-term loans with no guarantor and no collateral, but your credit score should be good enough. You must be earning a good monthly income to manage the higher interest rates.

Keep your employment status alive

While making the loan repayments, it is necessary to keep your income status alive. You can get approval on long-term loans if you are earning a good salary. We also consider those individuals who are earning part-time income. In such a scenario, we have made the guarantor’s presence mandatory.

Show your recent financial commitment

We want to analyse your current financial performance and commitment. We can consider your loan application if you are paying your current bills on time or making timely loan repayments. All these factors will help you improve your credit score and open up more lending opportunities in the future.

Do not borrow more than your need

Show no intention of increasing the borrowing limit just because you are getting it quickly. Apply for only an affordable amount that you manage from your monthly income.

Become a responsible borrower

We feel proud to offer responsible lending, but we also want you as our responsible borrower. In case you want to make early repayment or have no other option but to repay late, feel free to contact us as early as possible.

We vouch for offering the best arrangements so that you can avail of the loan benefits without any burden. If you are sincere, your bad credit score cannot impact your loan chances. You always have a scope for improvement.

ForeverFinances provides long-term loans to both good credit and bad credit borrowers. Apply for these loans today! We will offer personalised deals.

Apply Now

LONG TERM LOANS FAQs

Do I have to be a homeowner to apply for a long-term loan?

If you are a homeowner, you will automatically put a good impression on the lender. With ForeverFinances, you still have the same impression even if you are a non-homeowner too. Our long-term loans are available for everyone with no impact on having collateral or not.
Is a long-term loan better than a shorter-term loan?

Long-term and short-term loans have their own importance in their respective situation.

• Large loans are more suitable for larger financial goals and carry lower interest rates as they are secured.

• Small loans are more favourable during financial emergencies, and they fetch higher interest rates with no collateral.
How Do Repayments Work for Long-Term Loans?

You repay long-term loans in fixed monthly instalments. These instalments will continue until the loan term ends. If any instalment gets delayed or missed, it will impact your credit profile.
Can I Get a long term Loan if I am Self-Employed?

Yes, you can easily get long-term loan if you are self-employed. The most significant thing matter to us is your loan affordability. You can show your monthly earning as self-employed, and we approve your loan application.
How Long Does an Application Take?

ForeverFinances accepts only online loan applications whether it is a long-term loan or a shorter one. You can complete your application within a few minutes and there is always a chance of quick loan approval as well as same day fund disbursal.

Long Term Loan - What to Expect

What are the Types of Long Term Loans?

The eligibility of taking out a loan depends on the following factors:

What are the Benefits of Long-Term Loans?

Longer period makes the loan more manageable. Look at the table below:

When Should You Take Out a Long Term Loan?

Can You Get Long-Term Loans for Bad Credit?

How Large Loans Effective For People with Bad Credit?

Can You Apply for Long-Term Loans for Bad Credit with No Guarantor?

LONG TERM LOANS FAQs

Do I have to be a homeowner to apply for a long-term loan?

Is a long-term loan better than a shorter-term loan?

How Do Repayments Work for Long-Term Loans?

Can I Get a long term Loan if I am Self-Employed?

How Long Does an Application Take?