Borrow £100 to £25,000*
- Bad Credit Accepted
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- No Fees
- Secure Application
Short Term Loans
£100 – £1,000
Rates from 278% to 1576% APR*
3-12 month repayment
£1,000 – £25,000
Whole of Market panel
Trusted panel of lenders
Rates from 5.7% to 278% APR*
3-36 month repayment
Representative example: £500 borrowed for 5 months. Total amount repayable is £991.85 in 5 monthly instalments of £198.37. Interest charged is £491.85, interest rate 238.1% pa (variable). Representative 481.6% APR.
Bad Credit Long Term Loans – UK Direct Lenders
- Long term loans are popular for those looking to lend larger amounts.
- Monthly repayments can be manageable for those who may have bad credit.
- UK direct lenders can be compared to get the cheapest interest rates.
Most long-term agreements are not available for people with bad credit. If you are going to get a long-term loan, it will typically be because you scored as an excellent customer. Most banks and other lending institutions don’t want to take the risk of lending to someone who may not pay them back, especially if they are going to be borrowing money. They tend to stick to short term loans for borrowers who have a poor or nearly non-existent history. They simply are not permitted by their own rules of operation to offer finance. However, there is a long-term loan available for those who how have a bad history. They may be few and far between, but they are out there. You just have to do some searching sometimes. They won’t be as easy to find as the many short-term. Like the short-term agreements, however, the rates are going to be higher than they would for people with a good history. Your credit score can determine what kind of rates you pay. This isn’t true of every agreement from every lender, but as a general rule, it does apply much of the time. Expect to pay much more than someone else would who has good credit, if yours isn’t very good. Or, you can look for lenders who are offering financial agreements without the need for a financial check. These are rarities, but they do exist. If you are concerned about the rates that you will pay for any finance with your score, then lenders that don’t require checks may be the alternative you are looking for. They may require a more extensive look at your financials, however, than your average lender would. They have to receive some sort of assurance that you will pay back the finance in a timely manner.
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What Options Do I Have If I Have Bad Credit ?
Another option would be to apply for finance for consumers with bad credit history, which they can be eligible for once they put down some collateral. These are known as secured, and they usually require you to hand over the deed of your home or property or some other major assets you own. You have to give that asset to the lender if you fail to repay on time. Even missing one payment can mean that you forfeit the asset. This can be risky for you, but it gives the lender more peace of mind about their investment, and they may be more willing to accept your application, if you are able to offer a major asset as security. These are just a few of your options, and you should look around and compare rates and terms before you agree to any bad finance. That’s especially important with finance, as you want to be sure the terms are agreeable and will work out for you in the long run.
You will be paying on the agreement for a while, after all, and you need to ensure that you can afford to do so. It’s easier than you think to find the right solution for you. When it comes to finding the best financial solution, as a general rule of thumb if you suffer from having slightly worse than average past, it will mean that you are unlikely to get the best rates in the market until you can build your overall score up. There are many ways to do this. There are plenty of options out there. You can visit a credit-scoring agency. A lot of them give you a free trial these days, and this will tell you what sort of score you have which in turn will give you a rough idea on the type of rate you are likely to receive. There are many different lenders in the market and it can be very confusing on which to choose. There are so many options out there and I can understand why it can cause people lots of stress. But, we are here to take all the stress out of the whole process for you. The entire application process is designed to place you with the correct lender at the correct time. The whole process from start to finish is very smooth. Our form will ask you all the relevant details, income and expenses. This way, we can find the right lender to suit you and your personal needs. Apply now.
How Do Long-term Loans For Bad Credit in the UK Work?
If you are struggling with multiple debts and bad past financial record, then take out a long-term loan. While you think that you are only allowed to borrow small and short-term loans because of your low credit rating, a long-term loan is actually the best option for your current situation. With a long-term loan, you can consolidate your debts. This means you will only be paying for one loan each month. Moreover, since it is long-term, the monthly payments are affordable. This way, you can be sure that you will be able to repay the loan and not miss any of the monthly dues. You can manage your finances effectively. Unfortunately, majority of the lenders in the UK only allow people with bad credit to borrow the money they need when they have a form of loan security or collateral. Other lenders will only lend small amounts for a short period. But, believe it or not, there are a few lenders out there who will lend you a long-term loan without requiring any security or guarantor.
These loan options may not be abundant, but they exist. This is the reason why we are here. We help people search for the lender who could provide them with the money they need. We will help you find the lender who offers the loan option that suits your circumstances best. Whether you choose to put up a personal asset to secure the loan, have a guarantor to cosign your loan or choose a no credit check lender to get a long-term loan, we can match your needs with the appropriate lender. If you are not a homeowner and will not opt for a secured loan or cannot find a person who is willing to guarantee your loan, we still can find the lender for you. While your credit score is the primary factor that influences almost everything about the loan you will get, the lender will also look into your other personal and financial aspects as a basis for their decision.
Your employment history will be checked as well as your current income. Once the lender is satisfied with their evaluation, you will get an approval. The interest on your loan and the loan amount you can borrow will then be determined. Long-term loans in the UK are usually for large amounts, but you can always choose to borrow just the amount you need, which can be smaller than the maximum loan amount offered by the lender. You must understand, however, that unsecured, long-term loans for bad credit come with very high APR. This is not a new thing and therefore this should be expected in the case of unsecured borrowings for those with bad credit. It may seem impossible to find a lender and it may seem difficult to get a loan approved, but with our help, we can make it possible and easy for you.
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More Bad Credit Long Term Loan FAQs
Is it easy to obtain long-term loans with bad credit
Absolutely! Direct lenders are now more willing than ever before to provide long-term loans for individuals with bad credit throughout the UK. In most cases, you’ll need to give some basic information regarding your name, age, income, expenses, a mobile number and valid bank account details in order to be considered for a loan.
Will a bad credit history affect interest rates?
Your existing credit history may sometimes have an effect on the interest rates that will be charged on long-term loans you obtain. However, your direct lender will be able to provide more information about this because each of them has different policies and regulations in this regard.
Can I negotiate repayment terms?
While it may sometimes be possible to negotiate repayment terms on a loan, chances are that your direct lender will stipulate what is going to be required in this regard. Once you have been informed about your repayment terms and understand everything, it’s imperative that you repay all instalments on time or even early if possible.
Will my repayments be a fixed amount?
In most cases, repayment instalments on long-term loans for bad credit holders will remain fixed, provided that you do not skip any along the way. When applying for your loan, your direct lender will inform you how much each instalment is going to be.
How much must I pay to apply?
Not a penny! When applying for any type of long-term loan, you should never have to pay any type of application fee if you are dealing with a reputable company. Any lender who asks for upfront payment should be avoided at all costs.