Fast Loan offer excellent solutions when you find yourself low on cash. Although we do not offer long term loans, we do offer short term loans, classified as high-cost short term quick loans. Our loans can have the ability to help you resolve a financial emergency when you need it most. As a highly regarded, trusted provider of loans, we at Fast Loan allow you to choose a loan all the way up to £2,000. Additionally, our repayment terms are flexible, allowing you to repay your loan over a time period up to 12 months. Of course, this is based on what you can afford to pay. Although “long term loans” are not offered, these are often not suitable for every individual. This is why we offer tailored solutions to ensure that the repayments are sustainable and reasonably priced for each borrower. Many individuals seek long term loans for bad credit in the UK.
Start your application today for a loan up to £2,000 with flexible repayment terms. No hidden fees and full transparency on the interest charge. You can find the tailored solution you need through us. Click apply now and receive a decision in principle straight away on the amount and terms you want.
What Are Long Term Loans?
Many individuals seek long term loans from direct lenders. Although we do not offer these, we believe it is important that our customers remained informed about any and every type of loan available to them on the market. Long term loans are usually taken out by borrowers in order to pay off a debt, with a repayment period of more than one year. Long term loans from direct lenders involve borrowing money over a specified period with a payment schedule, similar to any other loan.
Long term loans are for higher amounts and are usually paid off over 15 years or more. These will usually also be a secured loan, secured against an asset such as your home, or any other piece of your personal property. The downside with long term loans in this respect is that when you use an asset as security, it could well be repossessed if you are unable to keep up with the specified repayments. At Fast Loan, we offer loans for short term cash flow issues. This means they may not meet every budget. However, our flexible approach to the application process allows you to see the full amount that will need to be repaid, with the monthly repayment plan clarified and explained in detail following approval of the loan.
Our loans are also based on your current affordability. We will assess your present financial situation, including income, monthly outgoings, and any other financial obligations you may have. This will help us in determining whether you have the ability to make adequate repayments. Although we do look at your credit history, this is not what we exclusively base our ultimate verdict on.
Long Term Loans Alternative - Why Choose Fast Loan UK
We acknowledge that a long term loan may not be the best resolution for every person, and a short term option such as what we provide at Fast Loan UK may be a more suitable alternative. However, if you need a more affordable alternative, some options include:
- Using Savings – if you have any money to spare, this may be a more beneficial option in the long run.
- Personal Borrowing – this can be a useful resolve to temporary cashflow issues, but always ensure you have the capability to pay the person back.
- Borrow From A Credit Union – credit unions have a cap on how much interest they can charge. This is 3% a month or 42.6% a year APR across England, Scotland and Wales.
With Fast Loan, all applications can be processed quickly, so if you are looking to cover a financial emergency, our instant loans can provide a fast decision, usually within 5 minutes, and potentially pay out the same day. Some applicants have even been able to start using their loan within 20 minutes of being approved. Whatever decision you decide to take to help you with your temporary cashflow issues, always ensure you can take the specified repayments. If you are concerned regarding meeting the repayment terms on your loan, please seek support from organisations such as the Money Advice Service.
Eligibility for our Loan Options
To apply for loan options that are an affordable to you and your current affordability, you will need to meet the following criteria:
- You are aged 18 years or over
- Be a Current UK Resident
- Be in Full or Part-Time Employment, including Self-Employed
- Receive a Regular Income
- Be able to Provide Bank Account and Debit Card details.
Meeting the above doesn’t secure your approval, but it does allow us to assess your request fully. We take a personal approach to the lending approval process, assigning a personal customer care manager to each applicant. They will promptly evaluate your finances and personal details and will call you if they need any further information. Usually, this will only take 5 minutes out of your day, but sometimes it may not be necessary, assuming we have all the information we need already from performing a credit check.
If we can approve your application, you’ll then be sent a digital loan agreement to sign on your electronic device. As this process is all done quickly, the funds can then be transferred to your bank account straight away, often within 15 minutes of signing.
Apply Now Through a Trusted Online Lender
As your search for long term loans for bad credit or any other form of loan, you may have trouble finding a lender who will approve you. At Fast Loan, we have low credit score loans suitable for quick cash when you need it. To start your application immediately, click apply now and receive an agreement in principle straight away. We don’t like to keep our applicants waiting, so your personal customer care manager will ensure the whole process is quick and easy.
Long Term Loans FAQs
What Are The Disadvantages of Long Term Loans?
Some disadvantages of a long term loan may include:
• Early repayment charges.
• Interest charges.
• Other fees and changes.
Is it Possible to Get a Long Term Loan with Bad Credit?
We at Fast Loan do not provide long term loans. It is often difficult to secure a long term loan with bad credit, and if you do, interest rates may be much higher than anticipated.
Taking out a long-term loan could extend the term of your original loan, in this case, you could end up paying much higher amounts of interest. Additionally, if you have a bad credit rating or no credit history at all, you might also need to provide a guarantor to get approval for a long term loan.