Long Term Loans

Compare long term loans with real interest rates.

A long term loan allows you to borrow a huge sum of money. You can repay it over several months to ease your budget. Choose your loan amount, loan term and lender.

Choose your loan amount, loan term and lender. Repay it over several months.

Find your loan

Loans from £1,000 – £35,000
Borrow for 3 years to 7 years
Affordable Rates of Interest
Soft Credit Check – Doesn’t Harm your Score
Real Interest Rate

What is a Long Term Loan?

With a long term loan, you can borrow a huge amount of money and easily spread the cost of repayment over several years. This financial product is suitable when you are looking to fund any big-ticket expense. Apart from that, if you are juggling between multiple debts and you want to breathe a sigh of relief – you can use this loan to consolidate your existing debts.

The longest repayment period that our lenders are offering is 7 years. Borrow this loan only if you think you can afford to repay the entire loan without fail or else your credit score will have an adverse impact. The rates of interest that you will be offered by the lenders will be lower as compared to other financing options available.

A long term loan helps you manage your finances efficiently as the APR offered is lower and you have to repay the loan in fixed monthly repayments.

Reasons to Borrow a Long Term Loan

You can get access to large sum of money at affordable rate of interest as compared to other loans.

Mitigating unexpected expenses becomes convenient and easier if you are in a cash strapped situation.

Due to a structured payment system, long term loans are great for building your credit score.

You will get the option to choose from multiple lenders. With multiple options, you have the chance to choose the right one.

Things to Consider Before Borrowing a Long Term Loan

Long term loans are a lot more flexible than most loans. You can decide exactly how much you want to borrow and for how long. This means you can tailor the loan to suit you and your circumstances.
The individual repayments on long term loans are generally smaller. When you spread the cost of your loan over a longer period of time, the monthly repayments reduce, meaning you have more regular income for saving. You may, however, end up paying more back overall.
With the repayments being smaller, your income may give you more freedom in requesting a larger loan that meets your requirements. This can be used to finance a big life event such as a home renovation or a wedding.
Long term loans can be defined as a debt that is paid off over a period of more than one year. Borrowing for longer terms can remove the burden of repaying the debt immediately, reduce the interest rate you pay over time.

Alternatives to Long Term Loans

Although you can apply for a long term loan with a bad credit history, the approval of the application depends on the lender. Even the rate of interest that you will be offered depends on several factors. And if you do not get a long term loan for covering your expenses, you can consider some of the alternatives.

A credit card can help you fund your expenses. However, the rates of interest charged on cards are generally higher. If you do not have a solid financial plan to repay the loan, then the debt may spiral quickly causing a lot of troubles for you. Apart from that, your credit score will be damaged if you do not pay back on time and in full.
Bank overdrafts are also helpful if you want to borrow some amount of money for a certain period. Get in touch with your bank to arrange an authorised overdraft. Different banks have different policies, hence, it is wise to go through their policies and regulations before taking an authorised bank overdraft. Also, ensure to spend within the limit set by the bank or else you may have to pay a high rate of interest.
If you are a homeowner, you can use your property or asset to get access to funds. When you pledge an asset as security, chances of approval of your loan application increases. Lenders do not consider your profile to be risky. However, if you fail to repay the loan, the lender can possess your property to recover the money that is owed.

Why Should You Apply With Us?

Real Interest Rates

Unlike other loan comparison websites, we offer you a platform to compare the rates of personal loans on real time. That means you can now compare the loans on real interest rates rather than on proposed rates

Instant Decision

You do not have to wait for hours or days at end to know the decision of our lenders. It will hardly take a minute or two and you will receive detailed information like the lenders who have accepted your application and who have declined it.

Customer Ratings

We love our customers and so do they. A lot of our customers have appreciated our service that is simple, fast, and transparent. We believe in making the entire process less time consuming, straightforward and easy for a seamless borrowing experience.

FAQs on Long Term Loans

We have answered almost every question related to long term loan that are frequently asked. If you do not find something, please contact us.

How do long term loans work?

With long term loans, you can borrow a larger amount, over a longer period, with smaller repayments. This is in comparison to shorter, payday type loans. Long term loans can help those who wish to have a smaller monthly repayment but over a longer period than 12 months, which may go up to 7 years.

I’m self-employed. Do I qualify for applying?

Our lenders need the borrowers to be in an active state of employment. You must have a stable and regular source of income to apply for a loan. All the lenders run an affordability check before giving their decision. The lenders may consider income such as rentals etc.

How long can a long term loan be?

This can vary from lender to lender. Generally, shorter-term loans are paid off within 12 months. Longer-term loans can range from anywhere between 1 and 7 years, depending on the lender and the amount of the loan.

How can long term loans improve my credit rating?

When the repayments are spread over a longer period, the monthly amount to pay is smaller. This means it is more manageable and you may be more likely to repay the loan each month. When you keep on top of your repayments, your credit score will improve and lenders will look at you more favourably.

Is a long term loan right for me?

Long term loans are a big commitment and you will need to consider every avenue before agreeing to one. You may be making repayments for several years. Having said this, long term loans are great for people who need to pay off multiple debts and need a more flexible loan to suit their needs.

How do I start?

You can start here at LoanTube. Using our online application form, we can begin to match you up with our lending partners. Once you provide us with the information, we will search through our partners and try to match you with the perfect lender based on the information you give us.

Who can apply for a long term loan?

Each lender has different criteria for accepting long term loans applications, but there are a few usual conditions that are common. Generally, this can include being in a full-time employment, being a UK resident, and being over 18 year of age.

Do I need to provide a guarantor for this loan?

No, you do not.

Are you licensed to lend me money?

LoanTube doesn’t lend you the money- we’re a credit broker and not a lender. As a credit broker, we act as a bridge between lenders and borrowers. We connect you with the lenders (all licensed by the Financial Conduct Authority) who will consider your loan application. Applying through LoanTube means you don’t have to submit dozens of applications individually to each lender to get your loan decision.

How do you know which companies will lend me money and which ones will not?

When we become partners with a lender, one of the first things they do is to send us a list of the types of borrowers they would like to work with. You might be just the type of borrower one lender is looking for but another might not consider you. Our job is to pair you with the right lenders based on the information you give us.

If I get an offer, do I have to take the loan?

No. You’re never under any obligation to accept an offer that you receive from LoanTube. Even if we say “yes” then you turn around and tell us “no”, there’s no charge for our service.

Representative APR Example

The rate you are offered will depend on your individual circumstances.

Representative APR Example: On an assumed loan amount of £2,600.00 over 36 months. Rate of interest 41% per annum (fixed). Representative 49.7% APR. Total amount payable £4,557.89 of which £1,957.89 is interest. 35 monthly repayments of £126.61 and a final payment of £126.54