There are chances that most people require financial help at some point in life, but the problem is bad credit histories. Indeed, most lenders prefer to lend money to people with a credit score of above 650. And that’s a dream for most people since they have poor credit scores ranging from 300 to 579.
However, there is always a way through at the end of the tunnel. For instance, some lenders are willing to give you long term loans in the UK even with a bad credit history.
Bad credit history can happen to anyone, especially during these challenging times of the Covid-19 pandemic. Once you take a loan from any financial institution, the lender reports your repayment behaviour on one of the three credit bureaus.
The credit bureaus, Experian, Equifax and Transunion, keep your borrowing and loan repayment records. These bureaus assess your loan repayment behaviours to develop your credit score.
The credit score lies from 300 to 850 on the FICO score scale. If you’ve had a poor repayment pattern for your previous loans, then you might get yourself with a credit score of less than 580.
Here are the ranges of credit scores on the FICO Scale:
Having a bad credit score lands you on the wrong side of the FICO score. As a result, you will find it tough to get a loan with better interest rates.
Long term loans, as the name suggests, are loans that have more extended repayment periods compared to payday loans and other short term loans.
In most cases, long term loans for bad credit can last a repayment term of more than ten years, depending on the type of the loan.
Examples of long term loans:
If you need a bad credit long term loan, you need to have a very stable income source to ensure that you can afford all instalments. However, you can always opt to offer your property as collateral if you need a massive amount of money.
It’s easy to get long term loans in the UK if you have all the documents needed for loan approval. As much as lenders depend on your credit score, others can help you regardless of your poor credit history.
However, you need to meet some criteria before the lenders trust you with their money.
If you need long term loans for bad credit in the UK, you may have to do a personal assessment before signing that loan contract.
You should always ensure that you search thoroughly before committing yourself to a ruthless lender. You can start by researching online to get the best lenders in your area.
For instance, 786 loan brokers will help you get the best lender who will consider you with a bad credit score.
With this broker, you can get long term loans in the UK starting from £1000 to £35000, with a repayment term of up to 84 months. This site offers a 49.7%* APR on loans.
Get loans that you can comfortably afford to repay without struggling. Use sites like 786 loans if you need transparency in your loan application and disbursement.
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