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You could spread the cost of a loan over five or more years to help make your repayments more manageable.


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      Last updated: 15 July, 2020

      What is a long term loan?

      Long term loans are loans that are paid off over five or more years.

      With long term personal loans, spreading the cost over a longer time period makes the repayments lower and easier to afford.

      If you need a loan with smaller repayments, then long term loans might be worth considering. But you should be aware that borrowing over a long time is more expensive overall. That’s because you end up paying more in interest with 10 year loans, for example, than you would with 5 year loans. Even if you get a good interest rate from the best long term loans, the fact that you’re borrowing for longer means you’ll pay more overall.

      If you want to apply for a long term loan, our comparison table above is a good place to start.

      When it comes to long term loans, direct lenders or banks may be happy to lend to you, depending on your circumstances.

      How do long term loans work?

      Most personal loans are paid off gradually, over a short period of between one and five years. But longer loans take much longer to pay off. You might find a 10 year loan or even longer.

      Take a look at some loans over 10 years and some loans over shorter periods to see what you can afford. Our loan calculator can help you work this out.

      Is a long term loan right for me?

      Taking out a long term loan is a big decision and commitment. You’ll be making repayments for a long time and it’s hard to predict how your finances will be in 10 years’ time. What if you change jobs? What if you lose your job? What if your marriage breaks down? Nobody knows what their financial situation will be in the future, as we don’t have a crystal ball.

      The best thing you can do is research longer loans thoroughly so you fully understand the advantages and disadvantages of taking one out.

      What are the advantages of taking out long term personal loans?

      The advantages of taking out long term loans include:

        What are the disadvantages of taking out long term loans?

        There are also disadvantages to taking out 10 year loans, or even longer loans.

        For example, long term loans have a higher borrowing cost. Even if the interest rate is low, the longer the loan period, the more you’ll pay in interest overall.

        It can also be harder to get approval for long term loans in the UK.

        And you might find that you’ll be charged for early repayments. Watch out for other fees and charges too.

        How to choose the best long term loan

        There are three main things you need to think about when you’re about to apply for a long term loan:

          Once you know how much you’d like to borrow and how long you need to pay it back, you can start doing a comparison. For example, you might decide you want a £25,000 loan over 10 years or a £15,000 loan over 5 years.

          The comparison table at the top of this page shows longer loans in the UK that can be paid back over four years or more. If you want to apply for a long term loan, the table gives you an easy way to compare rates before you choose one to apply for. Looking for long term loans online is the best way to do your research. You can cover lots of different lenders and banks without having to traipse around branches.

          There are also a few other things to consider when looking at a loan over 10 years, or other longer-term loans. These include:

            What can I take out a long term loan for?

            Most people who are interested in a 10 year loan, or even longer loans, are looking to finance long term projects or a big expense.

            You might use a long term bank loan to purchase property, pay for a wedding or do home improvements. Some people look for long term car loans or long term debt consolidation loans. These are just some of the reasons why people are interested in a £25,000 loan or an even larger loan, such as a £30,000 loan over 10 years or £50,000 loan over 10 years. You could even get a £40,000 loan over 10 years if you were planning a particularly large purchase or project.

            But remember that a long term personal loan shouldn’t be used for your business. You need to look specifically at long term business loans if the money is for your company.

            Long term interest rates

            When you take out any kind of loan, there are two types of interest rates to look out for.

            A fixed interest rate means the interest rate stays the same throughout your term, even if market interest rates change. This makes it easier to plan your repayments. You won’t have to pay any more if interest rates rise. But remember that you also won’t benefit from lower repayments if interest rates go down.

            A variable interest rate means the lender can increase or decrease the interest rate while you are paying off your loan off. Your repayments would go up if market interest rates rose, but decrease if market interest rates went down. This can make it difficult to plan your finances. But if interest rates go down, you’ll benefit from lower repayments.

            Long term loans for bad credit

            You can still get long loans if you have a bad credit history. But you should be aware that long term loans for bad credit usually have higher interest rates.

            Long term loans for poor credit can be a good way to consolidate existing debts. Long term debt consolidation loans could reduce your repayments. They can also be easier to manage than paying lots of different lenders.

            With long term loans for bad credit, lenders might look more closely at your credit rating. They’re more likely to want to secure your loan against your home and you’ll need to think about whether you’re prepared to do this. But it’s not uncommon with long term loans generally, and not every loan is secured.

            If you’ve got bad credit history and are interested in long term loans, no guarantor could be problematic. Many lenders will want you to have a guarantor, as it makes it less risky for them to lend to you.

            For long term loans, no credit check isn’t an option you’ll often have, if ever. Most lenders will want to do a credit check if they’re lending to you over a long time period. Although you can get loans without a guarantor, these don’t tend to be larger, long-term loans.

            Long term loan FAQs

            Most personal loans can last for between one and five years, but some lenders offer much longer terms, up to 10 or more years.

            Most loans offer fixed interest rates, but a few offer variable rates, which could change during your loan term, so make sure you check.

            Most loans offer fixed interest rates, but a few offer variable rates, which could change during your loan term, so make sure you check.

            No, some personal loans can last up to 10 years and you do not have to be a homeowner to apply.

            Yes, choosing a longer term will not harm your chances of getting a loan, but long term loans for bad credit may not have the best rates.

            It stands for annual percentage rate, and is the interest you pay on the total value of your loan. The lower your APR, the lower your monthly payments.

            About our loans comparison

            Our comparison tables include providers we have commercial arrangements with. The number of listings in our tables can vary depending on the terms of those arrangements, as well as other market developments. They are all from lenders regulated by the Financial Conduct Authority. For more information you can also see how our website works.

            We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more about how our website works.

            You do not pay any extra and the deal you get is not affected.

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