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A long term loan, as the name suggests, is a type of loan with a significantly long repayment period. This period is typically anything over 1 year, with some of the longest loan repayments found through Proper Finance extending over 30 years. Long term repayment periods are usually required for large loans, helping to make repayments more manageable for the borrower.
Long term loans can be great for those needing to borrow larger amounts of money, giving those in need access to the right amount of finance whilst also making its repayments manageable.
Long term loans differ from short term loans not only by length, but also by the reasons behind the loan in the first place. Short term loans are typically taken out by those needing access to a small amount of money fast, whereas long term loans are taken out by those needing support for larger financial events in their lives.
What can a long term loan be used for?
Long term loans can be used to support a range of different financial events, such as taking out a home loan or paying off a wedding. Long term lending periods can be applied to all of the following loans that can be found through Proper Finance:
- Homeowner Loans – taking out a second mortgage can help those to finance numerous different life events; such as funding a wedding, making home improvements, and even buying a new car. Borrowers can find a long term homeowner loan through Proper Finance with a loan period of anything from 1 to 30 years.
- Personal Loans – much like a homeowner loan, the personal loans access through Proper Finance can be used for multiple different things. They are mainly used for lifestyle purposes such as those mentioned above (e.g. wedding, home improvements), with successful applicants being able to borrow for a long term period of anything from 1 to 7 years.
- Peer to Peer Loans – peer to peer loans are funded by businesses looking to invest by providing loans to those who need it. These loans, as with both homeowner and personal loans, can be used for numerous different financial events (e.g. home improvements, weddings etc.). Successful applicants can borrow with Proper Finance’s trusted lenders for any long term period between 1 to 5 years.
- Guarantor Loans – guarantor loans help those who may otherwise have not been eligible for finance to help get this finance. The guarantor is there as a security measure, and if the borrower cannot keep up with the repayments, it then becomes the responsibility of the guarantor. Those applying for a long term guarantor loan through Proper Finance can borrow loans for a period of anything from 1 to 5 years.
- Unsecured Loans – for larger unsecured loans (meaning borrowers do not have to secure the loan with one of their valuable assets), borrowers can find long term finance through Proper Finance of anything between 1 and 5 years. This loan can be spent on numerous different things, such as the lifestyle events mentioned above.
Although each type of loan has a different limit for its long term lending, each one still offers this form of loan, which can be of great help to borrowers wanting realistic, manageable support for the larger financial events in life.
Why choose Proper Finance as a lender?
There are many different benefits that can come from applying for a long term loan through Proper Finance, one of which being the fact that the application is all done online. This makes the process of applying for a long term loan both simpler and quicker than other types of loan applications.
All of the lenders Proper Finance work with are also FCA authorised, and our comparison site is completely free to use; making the process of finding the best long term loan for your financial needs more cost-effective.
How to apply for a long term loan with Proper Finance?
Our online applications are quick and simple to complete, simply fill in all the necessary details and receive an instant response. The application only takes 5 minutes to complete, and, when successful, funds can be deposited into the applicant’s account in under an hour.
As there are many different types of loans that offer a long term lending period, the criteria for eligibility of a long term loan will differ drastically from loan to loan. You will most likely have to be of a certain age, and (unless specifically stated to be for those with bad credit) will most likely require applicants and/or a guarantor with a good credit rating. Check with the specific loan on what their criteria is before applying.