What Are Long-Term Installment Loans？
Long-term installment loans are loans that offer a big amount paid in an extended period greater than 3 years. People generally apply for long-term installment loans to finance a car, home, or business investment that entails lots of money. While the details of long-term installment loan offers may vary, depending on loan terms, they generally offer prepayment options to shorten the payment period.
Compared with short-term loans, long-term loans have a higher interest rate, which means that, though monthly payment is lower than a short-term loan, borrowers have to pay more in the long run.
Besides, while it may take no more than a few hours to process the application for a quick loan, you can hardly expect an instant approval from a long-term installment loan, as it generally takes several days to process.
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What Should I Know About No Credit Check?
No credit check means that you won’t get a hard credit check when you apply for a loan, appealing to borrowers who have bad credit or poor credit history. Nevertheless, the direct lenders or non-direct lenders may ask for other kinds of documents, such as wage slips, to prove that you can repay the loan.
Can I Grab a Long-Term Installment Loan With Bad Credit?
Yes, you have a chance to get a long-term installment loan even if you have bad credit. Lenders will do a credit check after receiving your application and decide if you can get the long-term installment loan or not. If you have sufficient income to pay loans, some lenders will still consider giving you a long-term installment loan.
What Is the Repayment Plan of a Long Term Installment Loan?
The repayment plan of a long-term Installment loan can be varied in terms of repayment time (week or month) and total duration. But in general, borrowers pay back a long-term installment loan monthly. However, the exact plan depends on what you have agreed with the lender in the agreement.
What Are the Benefits and Drawbacks of Long Term Installment Loans?
- Fixed rate and stable payments
When you have to repay for the long-term installment loan, normally you will pay every week or month at a fixed rate according to what you agree on in the agreement. So, it is predictable and consistent.
- A long period of repayments
You get a loan of a big amount and pay back a small amount in a longer time, eliminating the pressure to pay a big amount in a short term.
- You have to carry the burden of debt over years or even decades
- The overall loan cost is higher than a short term loan
Factors to Consider Before Applying for a Long Term Installment Loan.
Before you apply for a long-term installment loan, you need to consider many factors. Do you need to get this loan? Do you have other kinds of loans too? Are you ready to take on more burden? Do you have a steady income to repay the loan in the long term? Make sure that you can be responsible for the expenses that will come regularly.
Where Can You Secure a Long-Term Installment Loan?
USBadCreditLoans is a platform that connects borrowers with lots of reputable online lenders so that borrowers can apply and get a long-term installment loan quickly and securely, helping people cope with life emergencies like paying medical bills, home, or car repairs, and so on. For those who are interested, please follow the steps below:
Fill out and submit your information
Fill out the form and answer a few questions to complete the application online.
Accept an offer and sign an agreement
After you submit the form, the system will deliver your information to lenders and it won’t take long for you to receive offers.
Get your money
After you sign the agreement, the lender will generally deposit money into your account in as fast as 24 hours.
How much would you like?
How Much Can I Get From a Long Term Installment Loan?
USBadCreditLoans provide loans for people with bad credit based on your credit history. You can get up to 35,000 dollars from a long-term installment loan. The better your credit score, the more money you may get from lenders.