LONG TERM LOANS: AN INTRODUCTION
Long term loans have been a positive financial choice for both the business and an individual. For enterprises, they can increase their capital with gaining maximum credit on potentially lower rates in the future. For the individuals, they get the opportunity to accomplish their bigger financial dreams or needs.
Sometimes it won’t be possible for a person or business to have sufficient funds ready. Such situation occurs largely when a company wants to make a large investment or a person wants to buy an expensive item that can be a car or house. Long term loans offer the needed amount to finance these large purchases for the long duration. However, they do require positive credit report from the borrower plus the collateral and sufficient capital in terms of a business.
If the asked criterion is fulfilled, these loans can help in:
- Borrowing on lower interest rate
- Minimising the business risks and loses
- Building a creditworthiness in the lending market
- Reducing impact on running cash flow
WHAT ARE THE BENEFITS OF LONG TERM LOANS?
Availing the long term loans from direct lenders in the UK can be beneficial in many senses. The mainstream lenders are also offering same sort of loans but they do not have same flexibility in the terms and policies. Whereas, the online lenders like us have provided a nice alternative to the traditional lending and offering loans for longer duration on following benefits:
Yes, these loans always invite inexpensive borrowing where the interest rates are on the lower side. The lending institutions feel safe to lend money because they have the collateral from the borrowers’ end. In case borrower fails to make repayments on time, it can take the possession of given assets. Thus, lenders often put long term loans on low interest rates.
STARTING OR IMPROVING CREDIT SCORES
Borrowing for the longer duration gives a side chance to the borrowers to build or improve their credit ratings. Loans will go for large duration and borrowers only have to pay small monthly instalments that they can easily manage. In such scenario, there will be less chance of missing repayments and that will help in having a better credit rating.
Where to Use Long Term Loans?
- In buying fixed assets like a plant or machinery
- In financing the purchase or construction of the property or mortgages
- In locating business branches to other cities
- In paying part-time or contract based income to workers
CONSTANT CASH FLOW
Whether your purpose of borrowing is for your business benefits or for any personal use, you will get the continuous cash flow. You may have obstacles in your regular job but you will at least have the sufficient backup to keep equivalent to regular or irregular expenses up to a large period.
I HAVE BAD CREDIT, CAN I HOPE ON LONG TERM LOANS?
When you are among those people, who have credit scores in between 561-720 i.e. bad credit ratings, it seems impossible to get approval for another loan in future. But this is not a complete truth. Reality has been different now. There are many ways through which you can find yourself among the eligible borrowers of long term loans for bad credit in the UK. They may not be instant or guaranteed but they will favour in tricky financial situations.
At VirginBucks, you have two major ways to follow when seeking for approval on large funding despite having poor credit scores. These are:
Secure Loan through Guarantor: This option is best for those individuals, who do not have any credit history or just entered into the poor credit score’s list. Alternatively, you can also bring a co-signer with good credit history that will increase your chances of guaranteed loan approval.
Secure Loan through Collateral: This is another genuine or standard way to secure approval on your loan application. Make sure that the asset you are providing is equal to the value of the loan amount. We give you this option if have no guarantor to back you while signing the loan agreement online.
Note: VirginBucks approves loan applications either through soft credit check or no credit check policy. But it largely depends upon the individual circumstances and prescribed lending norms.
AT VIRGINBUCKS, WHAT ARE THE TYPES OF LONG TERM LOANS AVAILABLE?
There are various sub-categories under the umbrella of long term loans. Whatever option you choose, its repayments will be spread over a longer duration. Here is the list of loans that are offered for larger funding:
Apply instalment loans for longer duration that can go from 5 to 15 years on easy monthly instalments.
Debt Consolidation Loans
Get rid of large pending debts right now by opting for our debt consolidation long term loans through easy online process.
Want to establish your own small business? Do you want to include more infrastructures to your existing one? Do it now with our bespoke long term loans.
Never lose grip from your study just because of lesser funds. We help you financially and for a longer duration.
Long Term Payday Loans
Yes, we are offering long term payday loans. You just ensure us that you are an employed person and can repay on your each salary day.
Long term loans are among the most preferred forms of credit in the UK financial marketplace. VirginBucks is offering these loans with attributes like:
- Online technology
- Easy process
- Same day payout
- Flexible repayment terms
- Professional guidance
- 98% approval rates
- Liquidity in loan obligations
- Special festive discount on loan rates
- Personalised loan features for salaried class
- 24/7 lending service with instant quote
Start applying now because our long term loans can secure your future with accomplishing larger requirements and desires.
Long Term Loans FAQs
What are the advantages of long term loans?
Long term loans have several kinds of benefits for the borrowers, some of them are mentioned below:
- These loans help in buying a home or purchasing a new car
- Long term funding always attracts low interest rates for longer duration
- Any borrowers can easily manage the monthly repayments
- Direct lenders like VirginBucks provide these loans even for people with poor credit scores
These benefits of long term loans make them among the most preferable way of applying for the loans.
Are long term loans for bad credit available even with no guarantor?
Yes long term loans are available for the people with bad credit scores. The acceptance also comes even with no guarantor is there to back the primary borrower. Most of the times, the loan applicants ask what would be the base on which lender can assure the guaranteed approval. Literally, two things will come into picture. First, what is the income status of the borrowers, and second, what is the collateral that borrowers can offer. If borrower is able to convince the lender on these two things, then the lender will approve the loan application.
What are the interest rates on long term loans from direct lenders?
As we all know that long term loans have the less interest rate, as compare to the short term loans. But it largely depends upon the lenders’ policy and the repayment capacity of the borrowers. Lender will see those things before giving any approval to the loan application. However, the loan company first wants to know the purpose of availing large term funding. It is because lender can modify the lending terms and conditions, particularly the interest rates, accordingly.
I am planning to apply for a long term loan, is it possible to get with bad credit?
Yes, you can get a long term loan even with bad credit, but you have to knock the door of the right lender. There are direct lenders in the market who offers long term loans even if you have a bad credit score and with no guarantor. However, the lender might check other lending aspects such as:
- Income status
- Employment history
- Credit utilisation ratio
- Tenant history
How much can I borrow in a long term loan?
The long term loans are generally considered as the bigger amount of loans. So, if you are planning to purchase something expensive, then you must apply for long term loans from a reputed direct lender in the market such as Virgin Bucks. Here, you can apply up to £25000 and that too without any complications or trouble. Now, if you are first time borrower, then you could be asked to present a co-signer with a good credit history that will improve the chances of approval.
I am a first-time borrower, where should I head for a loan
Now, if you are looking to borrow a bigger amount, then you must approach a direct lender in the market where you can long term loan with no credit check. As you have not borrowed before, your credit score will be absolutely zero. Thus, getting a loan can be very difficult for you.