Long Term Loans for Bad Credit
If you are planning on starting a business, adding onto your home or you need to remodel your kitchen, you may need to consider a loan that is not short-term. If you have credit problems, you may find it is more difficult to qualify for a loan through your local bank or credit union. The good news is that some lenders are willing to offer long terms loans for bad credit. These loans work in a different manner than many loans offered to those with bad credit.
How do they differ?
In most cases, someone who needs a long-term loan has a physical asset such as a home or business property. Lenders who are offering long term loans for bad credit need some peace of mind that the loan will be repaid. This is why many of them will reserve the right to place a lien on property that you own.
What happens when I pay back my loan?
When you pay back any long term loans for bad credit, the lien that was placed on your property will be removed. However, the lender will wait until they receive the final payment on the loan. Keep in mind, if you accept a loan that places a lien on a property, the loan has to be fully repaid if you sell the property.
How much can I borrow?
Every lender will have different requirements for you to qualify for a loan. When you are seeking long term loans for bad credit, you should specify up front how much money you feel you need to complete your project. The good news is if your project is going to be done in phases, you may be able to set up a revolving loan that can be repaid and drawn back down.
How much interest will I pay?
Worthy Loans is not a direct lender, instead, we match customers just like you with lenders who are offering long terms loans for bad credit. Therefore, we do not have any information about the potential terms and conditions that lenders may offer to you. Chances are, you will receive multiple offers and you have the ability to evaluate each loan offer based on your individual needs.
What about my credit score?
Some lenders will set minimum credit guidelines for borrowers who are in need of long term loans for bad credit. However, keep in mind they will not expect you to have a perfect credit rating. These lenders specialize in helping people just like you who have had credit problems. The good news is as you repay your loan, you are also building your credit up again.
Long term loans for bad credit work differently than payday loans or other types of short-term loans. However, applying for these loans is easier than ever before. Simply fill out our one page application and we will match your application with lenders who are willing to work with you. Get started today and have money in your account quickly!