Getting A Long Term Loan With Bad Credit

Long term loans on bad credit

When you have bad credit, acquiring loans can become a big problem. There are options such as Payday loans and guarantor loans which allow a person to take out a loan without prior credit check or no credit score at all, but these tend to be more expensive and usually a small amount.

Although a person can use these loans to get their credit scores up, by taking them and paying them back on time, is there a way that a person can take out a long term without having to prove a good credit score?

There are very specific lenders that tend to give out long term loans to people who might be suffering from bad credit scores. People can receive up to £30,000 with online applications and get started on their business venture at once.

People can receive benefits such as:

  • Easy 5 minute online application.
  • Instant approval
  • Interest rates starting at only 5%
  • No prior credit check
  • 5 years time for repayment

Where to apply?

There are numerous lenders that have websites that allow borrowers to browse through their packages and select the one they think is best for them.

You can apply for a loan easily online and in case of any other discussion you might want to have with them, pay them a visit at their office.

Top sites offering loans on bad credit in UK are:

  • Opal Loans
  • Citrus Loans
  • 1st stop personal loans
  • Trust Two
  • Progressive money

The application process is simple and easy and you can get instant access to your money through wire transfer.

Repayment options

These loans usually do not require any initial payments and no guarantor for the lender. Usually when a large amount of money is lent, there is some sort of a guarantee that the lender does require, but for people with a bad credit score, the option of having their profits set aside for the repayment of the loan is also available. For people who are working instead of running a business, can set a specific amount from their income for the repayment.

It takes a bit of convincing, but if you know your way around finances, you can cut yourself a good deal when talking to the lender. It is possible that due to a bad credit history you might not receive much of an option when it comes to repayment, but talking things out will definitely open up a few more options to ease up your repayment methods.

Taking out a long term loan should mean that you are ready to invest the money in something that will bring you a long term profit. This is because a long term loan is huge amount and is to be paid overtime with an increasing interest rate. In case of early payment, a penalty might be imposed and your bad credit may become even worse.