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Long Term Loans For Bad Credit Instant Decision

Loans that have long tenure are called long term loans and lenders give it to borrowers who have a good credit history. Long term loans for bad credit (instant decision) can be made available to you if you have collateral to use as security for the loan.

Most people who have bad credit are stuck with the dilemma of being rejected by traditional lenders. The rejection is due to the fact that traditional lenders do not want to be stuck with defaulters and losing money in the process.

Fortunately, there are alternative or private lenders who are willing to take that risk by lending to bad credit borrowers. Going for long term loans for bad credit means the borrower has low credit scores but need a loan that he/she will pay over a period of time.

When such a request is made by a bad credit borrower, there must be an emergency that he/she needs a substantial amount to be able to solve that financial problem out.

The money requested for is usually needed urgently so an instant decision on the application is needed.

long term loans for bad credit instant decisionLike its name proposes, long term loans are taken within a period of three years to as long as thirty years especially when it has to do with mortgages.

All long term loans are also installment loans because the money’s given are too big to be paid at one go.

How to get long term loans with bad credit

As compared to short term loans, getting long term loans is already not an easy process. Looking for long term loans with bad credit is a more tiring process.

In as much as lenders benefit more from borrowers of long term loans, the tenure makes it possible for a borrower to default easily than that of small term loans.

If you have a bad credit history and need a huge amount of money to pay over a long period of time, to be successful, you will need to take collateral as security for the loan.

Although this will be requested by lenders of long term loans, they do not accept any kind of collateral but collaterals that have the same value as the money or a little above the money you requested.

Lenders always have to be at least convinced you will pay back the money they loan to you. With bad credit, you can only convince a lender that you will pay back the loan you have taken.

In the case of default, the lender has the right to sell your asset to get back their money. This is stated in the agreement that is signed by both you and the lender before the loan is disbursed.

Benefits lenders and borrowers get from long term loans

Long term loans for bad credit (instant decision) are decisions made by lenders for borrowers with bad credit to get substantial amounts to take care of their financial problems.

These monies are scheduled to be paid back within a couple of years in installments. The long term loans are very beneficial to lenders because the interest rate charged on the loans are high and with every payment made by the borrower, a larger amount goes to pay for the interest.

For lenders of mortgages, the loan is spread over a long period between 15-30 years and borrowers will pay interest on the loan for that whole tenure. Even if the interest rate on the loan is quite low, by the end of the loan (tenure) the lender will make so much profit from the borrower.

For borrowers, on the other hand, you can get a huge amount of money and also pay back in bits instead of in bulk. The most important benefit for a borrower is that0

you get the money you want for your need and pay later.

Disadvantages of long term loans

• Cost of interest is high

The loans given as long term loans have a long life span and the interest rate they accumulate at the end of the loan becomes very high as compared to short term loans.

The longer the loan runs the more interest it accumulates. If the loan is short the interest might be high but the time is too short to grow more interest.

• Debt to income ratio

When you need a loan and go to a lender your debt and income is calculated to know how much you can get (money) and how much you will be able to pay as repayment.

By taking long term loans, it means you have a long time to pay of your debt and the longer it takes the less money you will be qualified to take again. If you take short term loans however, you get to pay it off early enough and will qualify for more loans.

• High interest rate

Lenders put high interest rates on their long term loans because of the processes they go through to give the loans as well as risking giving the loan for a long term.

During the period of servicing the loan, anything can happen to the borrower that can derail the payment of the loan or stop it altogether. When a short term loan is given by a lender it’s easier to predict that the borrower will pay as agreed by both parties.

But with a long term loan, you can’t predict because anything can happen during the years when the loan is active.

Who qualifies for long term loans for bad credit with instant decision

Any lender who gives out loans, do so with the belief that the loan will be paid back with interest. With long term loans for bad credit with an instant decision, lenders really hope the loans will be paid on time as agreed.

To be able to get that kind of belief, lenders request for a lot of documents they use to get access to you and also to know where and who to contact in case of default.

You being able to pay back the loan is a key feature in the documentation, so documents such as your bank statement, pay slips and any investments. Bringing collateral to use as security for a long term loan also helps lenders process your application faster. This is because they have something to fall on in case you do not continue payment or default in your payments.

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Disclaimer: All loans offered through this website are subject to credit and underwriting approval. is a lead referral company, not a lender. AfterLoans only works with financial service providers that adhere to Canadian laws and regulations.You can borrow up to $20000. Loans amortization is between 6-36 months. APRs range from 19.99% to 55%. The actual APR charged will depend on the lender’s assessment of your credit profile. For example, on a $1000 loan borrowed for 12 months at 29.9%, the monthly payment will be $97.24; with a total repayment, including interest, of $1166.88 There is also lender’s optional loan protection policy. In the event of a missed payment an insufficient funds fee of around 45$ may be charged (dependent on the lender). If you default on your loan payment plan the lender may terminate the plan and the remaining balance will become payable immediately. Our lenders employ fair debt collection practices, but will pursue the payment of Outstanding debts to the full extent that Canadian law allows.