A borrowed amount that you pay off over five or more years is known as a long term loan. Unlike short-term loans, long term loans in Ireland aim at funding large expenses, for example, purchase of property, opening a new business, etc.
CreditsFastCash offers long term loans up to €50,000. If you borrow money over €5,000, you will have to put security. Since security lowers down the risk associated with lending, you will qualify for low-interest rates.
It means you are not supposed to secure your loan as long as you are borrowing between €3,000 and €5,000. This is why these loans are also called long term personal loans in Ireland. We decide the repayment term based on the money you borrow.
Look at the table below to know how long term loans differ from short term loans:
|Long term loans||Short term loans|
|Collateral||They are subject to collateral if the borrowing limit is over €5,000.||They do not require collateral|
|Credit score||You should have a good credit score to qualify for these loans.||These loans are aimed at bad credit borrowers.|
|Disbursal limit||From €3,000 to €50,000||Any amount up to €3,000.|
|Interest rates||Fixed and variable||Fixed only|
|Repayments||instalments||Lump sum as well as instalments|
|Duration||5, 10, or 15 years||Not more than a year|
When it comes to taking out a short term loan, you may qualify for it despite a poor credit rating. If you are borrowing not more than €1,000, a lender may sign off on your application overlooking your credit rating.
However, when you are applying for long term loans, a lender will definitely want you to have a good credit score. As the borrowing amount increases, the lender’s risk increases too.
Most of the lenders will not entertain you in case of less than perfect credit rating, but CreditsFastCash can do so if you meet the following conditions:
Note that long term loans for bad credit people will be available at slightly higher interest rates. If you are looking to apply for these loans, make sure that you have carefully analysed your financial situation. It can be quite hard to repay the debt when you are on a tight budget. You should have arrangements to keep up with repayments even when your financial condition is not sound.
Since you can spread the cost over some time, you can apply for these loans to meet significant expenses. The following are some of the situations when these loans are a perfect choice:
Note that we do not accept applications for the following reasons:
Contrary to short term loans, long term loans offer various benefits. Here are some of them:
Since you are borrowing a large amount of money, you will pay it down over an extended period. It means your monthly repayments will be lower than short term loans. However, it can cost you more money in overall interest. Small repayments will be much more manageable even if you come up with a financial emergency.
You will get long term loans at competitive interest rates. When you put collateral, it lowers down the risk of the lender. This is why you can easily get them at attractive interest rates. Even if you have a bad credit rating, you will get them at lower interest rates than short term loans because of collateral and guarantor.
Long term loans are an ideal choice when you want to fund large expenses. However, there are some situations when you can seek short-term loans as well, for instance, when you want to fund your wedding.
It does not make sense to take out a long term loan when you can meet your needs with small loans. Not only will you avoid putting collateral, but you will also save a lot of money in interest payment.
Since you will have a debt obligation for a long time, you must predict how your finances will be in the coming years. Try to have answers to these questions:
If you want to fund big expenses, you are welcome to apply for long term loans with CreditsFastCash. All you need to do is to fill out the application form online. We will review your income, credit score and affordability to decide whether to approve or not. We assure you that if you apply for these loans with us, you will get the deal:
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