Long Term Loans for Bad Credit

Long term loans will help alleviate your financial burden with lower interest rates. USBadCreditLoans, cooperating with many reputable lenders, can help you get your desired long-term loan. Try us!

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What Are Long Term Loans for Bad Credit?

A long-term loan is denoted as one with a term of more than three years. If your access to credit is restricted because of a bad credit score, and you are thinking about getting through a financial difficulty with the help of one manageable loan, the solution is a long-term loan for bad credit.

USBadCreditLoans work with lenders who, using soft credit checks, provide personal loans to those who have experienced difficulties in the past. While approval and interest rates will depend on your situation and each lender's criteria, a bad credit score is no longer an automatic barrier to entry.

How to Qualify for Long Term Loans with Bad Credit?

While there is a general misconception that those with a low credit rating don't have access to finance, you should be aware of some issues. Lenders who specialize in long-term loans to those with bad credit scores will still require customers to demonstrate:

  • Regular income
  • Ability to make repayments

When considering your loan application, lenders will carry out a soft credit check, which we sometimes call no credit check, and take into account all forms of income, including:

  • Employment income
  • State benefit income

Even with relatively modest incomes, the extended loan duration can facilitate manageable monthly repayments.

4 Steps to Grab a Long Term Loan on Our Platform?

As a broker, here at USBadCreditLoans we have access to a wide range of lenders operating in different areas of the market. While lenders are responsible for the terms and conditions of any finance arrangements, we can assist with collating the information required and placing your details in front of suitable parties. The application process is simple and swift. You can complete the online application at your convenience, in the privacy of your own home.

Our expanding range of lending partners, knowledge of the marketplace, and an understanding of client difficulties allow us to assist those with challenging credit histories. The application process itself is relatively straightforward:

1. Submit your information and wait for an offer

2. Get an offer

3. Sign an agreement

4. Money deposited into your bank account

It is also worth noting that there are many other online loans available, such as payday loans, and installment loans.

What Are the Pros and Cons of Long Term Loans?

There are several pros and cons when looking to secure long-term finance with a chequered credit history. It is essential to recognize these issues before making an application:

Pros of long-term loans

  • Monthly repayments tend to be lower than those for short-term personal loans
  • Relatively low monthly repayments can improve the affordability factor
  • An extended repayment period can help secure access to larger loans
  • More affordable repayments can encourage relatively low-interest rates

Cons of long-term loans

  • While interest rates can be competitive, you will pay more interest over the duration of the loan
  • Some lenders don’t offer extended loans to those with a troubled credit history
  • Lenders will still require a minimum level of income
  • Potential for prepayment penalty when repaying a loan early

What Is The Role of My Salary in Securing a Long-Term Loan?

Whether you have a good credit history or a chequered financial past, you will still require regular income to secure any form of finance. This is because lenders are obliged to carry out an affordability test on loan applications, for the benefit of all parties, which will include a soft credit check. Therefore, the role of your salary is essential when looking to secure long-term finance.

Many lenders will accept state benefit payments as a form of regular income, although this would need to be confirmed before a loan application is made.

Part 6: How Much Can I Get From a Long Term Loan?

The level of funding available will be dependent on an individual's financial situation. However, subject to status, it may be possible to borrow anything from $100 to $35,000.

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