Long Term Personal Loans


Personal LoansAre you interested in long term personal loans? The name says it all. This is a personal loan with a longer than usual repayment period. Although there are benefits of this loan product, you also want to be aware of the potential downfalls. With long term personal loans becoming more and more common, this is something you may want to consider in the future – if you are in need of money. First things first, you can apply for long term personal loans from both private lenders as well as banks and credit unions. Consider both options to ensure that you make the right decision.
  • Longer repayment period means a smaller monthly payment. Are you looking to borrow a lot of money but pay it back in small amounts every month? If so, you want to get the longest term possible.
  • Lower interest rate. Since you are paying the money back over an extended period of time, you can expect a lower rate – as long as you have a good credit score and history.
  • Availability. As noted above, private lenders as well as banks and some credit unions offer these loans. This allows you to find the one that is perfect for you.

Potential Drawbacks

Wouldn’t it be nice if everything about long term personal loans was a benefit? Unfortunately, this is not how the lending industry works.
  • Pay more in the long run. Since you are opting for a longer repayment period you end up paying more in interest.
  • Better chance that something bad could happen to your finances during the repayment term. This could be anything from a job loss to a medical emergency. If your financial situation changes, you may not be able to make your payment. In turn, your collateral could be at risk (if it is a secured loan).
Before you opt for a long term personal loan, compare the pros and cons above against other options – such as a short term loan. Note: not every lender offers the exact same terms on a long term personal loan. Details such as interest rate and repayment period can and will differ. With long term personal loans you have an extended period of time to pay back the borrowed money. Along with this, you have the right to use the funds how you see fit. Thanks to a long list of benefits, long term personal loans have become extremely common.

Interesting facts

  • Kennebunk Savings is a mutual savings organization that was founded in 1871 in Kennebunk, Maine. and serves York County and Seacoast New Hampshire with 15 branch locations. Kennebunk Savings is a full service financial institution that offers personal and business banking products including deposit accounts, mortgages, home equity loans and...
  • The Honours (Prevention of Abuses) Act 1925 is an Act of the Parliament of the United Kingdom, that makes the sale of peerages or any other honours illegal. It was brought in after the Liberal Party government of David Lloyd George, (later 1st Earl Lloyd-George of Dwyfor) was embroiled in a widespread and long-term sale of honours, for the...

Additional information


New-car loans keep getting longer
New-car loans keep getting longer
Solving Short-Term Problems With Long-Term Plans - TD Bank
Solving Short-Term Problems With Long-Term Plans - TD Bank ...
Helping Americans Gain Long-Term Financial Success | The
Helping Americans Gain Long-Term Financial Success | The ...
Insider Lending: Banks, Personal Connections, and Economic Development in Industrial New England (NBER Series on Long-Term Factors in Economic Development)
Book (Cambridge University Press)
  • Used Book in Good Condition
Financial Planning & Investment Tips : Long-Term Finance Tips
Financial Planning & Investment Tips : Long-Term Finance Tips
Definition of an Intermediate-Term Loan
Definition of an Intermediate-Term Loan
Fed sees bleak outlook for long-term student loan debtors
Fed sees bleak outlook for long-term student loan debtors

Popular Q&A

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Long Term Personal Loan? | Yahoo Answers

Nope. There aren't many banks or loan companies looking to lend a 19 year old $5000. The best thing you can do is find the car at a dealership or car lot and have them find you a loan. Keep in mind it will be for a high interest rate because you don't have a credit history. You may also need a co-signer. Also, it won't be a NEW car either, it will be a used car. Buy an older Toyota or Honda for around $5K.