Everyone sets some milestone in life that serves as personal achievements for them. You can have many items on the list, from buying a house to start a new business. The larger amount requires long-term loans to make the installments reasonable and manageable.
At EasypolicyLoans, you have every reason to apply for our deal because of the following reasons:-
Short-Term Loans are Not Best Solution for Every Situation
The short-term loans in the UK are suitable for small expenses, but not for larger financial costs. On the other hand, the long-term loans have the tenure over 5 years to ease the stress of instalments on your budget. We bring further comfort where you can borrow a large amount even without a guarantor or collateral.
Simple and Transparent Application Process
To apply for a loan, you need to fill the application form and submit the documents online. There are no brokers or middlemen that involve increasing the overall cost of the loan. The whole process is transparent and convenient for both the borrower and the lender.
Affordability is More Important Than Credit History
Once the application form is submitted, our representative will check your credentials for eligibility. There is no hard inquiry on the credit history to damage it with the trails further. We emphasize affordability, considering the present financial status that includes monthly income and current liabilities.
Long-term personal loan from direct lenders benefits the borrower with a larger amount and easy installation. Here are the detailed benefits of a longer tenure on your financial condition –
Lower Interest Rates
We offer nominal interest rates on long-term loans to ensure no unnecessary stress on the borrowers. The installments are easier to manage because of the interest rates and longer repayment periods. There is no need to dwell on the budget every month over the rising interest rates.
Builds Credit
Good credit helps in numerous ways that include increased profile credibility and cheaper loan. A long-term loan might help you recover the damage on the credit history because of earlier financial emergencies. Pay the installments on time, and the credit ratings will get normal with time.
For Long-Term Strategies
Businesses focus on long-term goals with small milestones to track the progress. The loan should align with the goals to allow the organization to get some return from the investment. You have more time to repay the loan; therefore, there is no stress when the investment shows the result.
Increased Equity
Equity is your share in the business, house, or car. It reduces the interference from the other investor to make sure you remain the authority figure. You now have more money for the mortgages as the down payment to get favorable interest rates and terms.
Flexible Repayment
While finalising the repayment term, you will have multiple choices to opt for the most suitable one. It helps you to get the long term loans on low interest rates. There are repayment holidays and term extensions to help you during a time of distress. You can refinance the current loan to get a better offer on interest rates.
A short-term loan may cost less and provide early relief. However, there are certain situations when a longer-term isa viable solution. We recommend long-term loan for bad credit in the following situations -
Medical Emergency
You may need a large amount of cash in a short time to pay for medical services. There is no cap on the medical bills that may incur during the treatment. During these uncertain times, the heavy installments cause maximum damage to your finances.
Buy House or Car
You cannot rely on the mortgage provider to approve the request on time. It may take weeks and months for fund disbursement, and the house may get sold to someone else. You cannot wait for approval if you urgently need a vehicle for personal or business use.
Major Financial Crisis
A financial setback can leave you or the business on the verge of bankruptcy. There is an urgent need for financial support to stay afloat. The short-term loans act as a debt trap in a situation like these creating a never-ending cycle.
Business Cash Crunch
It is never easy to maintain a steady cash flow in the business. A sudden loss may disrupt the whole operations of the business. This will also help invest in future projects and a potential source of income.
Weddings and Other Occasion
A wedding is arguably the most important day of a person’s life. You might have to spend a substantial amount to make the event memorable. There are some other important events as well that makes the best use of a long-term loan.
Loan tenure defines the whole repayment for the loan amount. It gets affordable when you chose a longer term of repayment. However, the overall cost of the loan also increases with the duration.
The interest rates and overall cost will not help if you cannot afford the monthly installments. There are other financial goals as well that require savings from the limited income. A lower installment will help save for these essential life goals that include retirement funds and kids' college fees.
| Short-Term Loans | Long-Term loans |
|---|---|
| A few months or a Year Term | Up to 5 years term |
| Floating Interest Rates | Fixed Interest Rates |
| For Working Capital or Short-Term Requirement | Long-Term Investment or Major Financial Troubles |
| Heavy Instalments | Manageable Instalments |
| Low Overall Cost | High Overall Cost |
Banks and financial institutions will ask for collateral or a guarantor if you want long-term loans with poor credit ratings. They conduct a hard inquiry on your credit ratings that leaves a trail to damage it further. On the other hand, we offer loans based on the current financial status with a soft check on the credit history.
Our representative will assess the affordability of the present income and liabilities. We don’t want our customers to bury under a pile of debts with another loan. Moreover, if the credit is too low, we have no other option than to reject the application.
As mentioned above, you need to have a regular income to qualify for long-term loans with no guarantor. We don’t want our customers to fall into a debt trap or take a liability they cannot afford. Also, it is the main reason we don’t ask for collateral and a guarantor.
Following are some example of regular income that makes you eligible for the loan -
At EasypolicyLoans, we support our customers as an alternative to the banks with practical solutions. There are no rigid corporate policies designed to keep the customers stay in distress throughout the repayment. These are some reasons for our long list of happy and thankful customers for the
Unparalleled Customer Support
Our representative will stay in touch with you throughout the repayment term. Your doubts and queries will be answered the same day with the highest priority. You may not find the same level of customer experience with the banks and their customer reps.
Competitive Interest Rates
We offer competitive interest rates with no upfront fees to make sure the bad credit long term loan is affordable for everyone. You will find the installments reasonable and manageable without overwhelming stress on the budget.
Flexible Repayment Options
Not many lenders allow users to make any changes in the repayment process. Here, you will find term extension and repayment holiday for a month for free based on your profile. You can also decide the payment date to avoid missing payment because of unavoidable reasons.
Apart from them, the simple and transparent online application process ensures the whole process is safe and secure. Visit the application page to apply for a loan and get approval within the next few hours.
Our primary aim is to bring relevant and reliable funding source for an extended period. These long term loans run on a simple philosophy, i.e.
Discuss your goal with us.We prepare the apt deal for you.
Of course, the answer is yes. We have exclusive loan offers for these people without making anything mandatory. The approval is primarily based upon your income capacity and further the repayment ability. If you have a guarantor with a good credit profile, then it will also work in your favour.
Applying for the long term loans is as most straightforward as the short term loans. The procedure is online that includes steps like:
We only need to prove your income status or if the collateral is there.
Yes, you have the chance of getting long term funding without the backing up of a guarantor. You can ensure the repayment with either of these sources:
It largely depends upon the lenders, but most of the times, long term loans are asset-based loans, and not solely salary backed loans. But yes, you can say that small loans are those with salary backed, as there is no collateral needed for a small amount. For larger funding, you need to pledge any asset.
EasyPolicyLoans offer both fixed-term and flexible terms for long-term loans. Those who have settled income can opt for the fixed term, while those who have unsettled earnings can choose flexible terms to make borrowing convenient.
Like short-term loans, long-term loans are also preferred by most of the borrowers in the UK. As per the trends of thelast couple of years, these loans are mostly applied for longer duration:-
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