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Tired of small short term loans with high rates? You may consider taking a long term loan. You will not only have more time to repay the loan but will also be able to borrow much more. The loan limit for many lenders that offer 5 year loans is usually in the tens of thousands of dollars.

Applying does NOT affect

your FICO® credit score!

Due to the long repayment period involved, deceitful lenders can easily twist a part of the deal to tie you down to an unpleasant deal. Nation 21 helps you avoid such scammers why connecting you with credible lenders. We also allow you to negotiate your deal openly and if you find the deal is not suitable for you, you can quit the negotiations without any consequences.

Why take a 5-year loan?

Long term loans such as 5-year loans are ideal for you if you are in any of these situations:

  • If you have a poor credit rating and need a huge loan
  • If you have a poor credit score and want to build it up gradually as you repay the five-year loan
  • If the amount you need to borrow is more than the loan limit provided by payday loans and other short-term loans
  • If your income is low and therefore reaping a short term loan could take up a lot of your income
  • If you earn a substantial amount but your expenses are quite high therefore you are not left with a lot of money monthly to repay a short term loan
  • If you prefer a longer repayment period so that the deductions don’t impact your lifestyle negatively
  • If you have an emergency that would best be solved with a long term, low-interest loan

Benefits of long term loans

The loan limit for long term 5-year loan is also quite high compared to the short term loans. Therefore you can borrow a substantial amount that you can use to do a major project in your life.

Applying does NOT affect

your FICO® credit score!

If you have a bad credit rating, you can not only get a 5-year loan but can also use it to improve your rating. You can do this by making arrangements with your lender so that after a certain repayment period your rating can be reviewed. You don’t have to pay the full amount for your rating to be reassessed.

Unlike the short term loans, the total cost of your loan is spread over several years and the amount of each installment is significantly lower for the same amount of loan. Thus, the deductions that are made on your monthly income do not negatively impact your lifestyle or your family’s finances.

Long term loans are also ideal for people with poor credit rating because many of them are no credit check loans. This, coupled with the low monthly installments, is the reason many low-income personal loans are long term loans.

Here is a small illustration that may help you better understand the benefits of a five-year loan compared to a short term loan:

Low-income personal loans

Low-income personal loans are specifically designed for people that live below a specified income level. The aim of these loans is to help low-income earners achieve some major developments in their lives such as pay for college or make a deposit or a home.

The minimum income level differs depending on the government policy which in turn depends on factors such as the average income of a community.

5-year loans are an ideal arrangement for low-income personal loans because:

  • Poor credit is not a key factor determining the approval of the loan
  • The low monthly installments are within the low-income levels
  • The long repayment period can be used to better the credit score of the low-income earners thus allowing them access to even better loan deals

What should you look out for?

Five years is a long time to repay a loan. Therefore, you need to be diligent before making that deal with the lender. If you decide to go at it on your own, beware of cons that might want to scam you of your money. Assess all the available lenders and the loans they are offering you.

Take your time to go through every document that you will sign. Also, make sure that you fill out all the details. Do not leave any blanks for your lender to fill out later.

Final thoughts

A five-year loan can significantly change your life for the better. However, for the loan to benefit you, you need to be diligent in assessing your lenders and also in your spending. You should therefore not shy away from taking the loan if there is a major purchase that you need in your life. If you qualify for the low-income personal loans, apply through that channel to get better terms and conditions.

Applying does NOT affect

your FICO® credit score!

Do you have any further questions?