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How to get a long-term personal loan
- Set a monthly budget. Know how much you can afford to pay each month to help you choose a term you can comfortably afford and pick a lender that fits the bill.
- Compare lenders. Cast a wide net by looking at personal loans from banks, credit unions and online lenders with minimum requirements that you meetpare factors like terms, interest rates, fees – including whether it has an origination fee – and loan amounts.
- Prequalify. Get an estimate of the rates, terms and loan amount you might qualify for with a few of the providers you narrow your list down to. You can usually do this by filling out a short online https://worldloans.online/title-loans-tx/ form or calling the lender.
- Complete the application. After you select a lender, follow the directions to provide more information and submit documents like recent pay stubs and bank statements.
- Sign the documents. Review your rate, terms and due date before signing and submitting your contract.
If you apply with an online lender, or bank or credit union that you have an account with, you can receive your funds as soon as the next business day. Otherwise it could take a few business days or even a few weeks.
What is a long-term loan?
Technically, a long-term loan is any loan with a repayment term over 12 months. But the longest term available on most personal loans is 84 months – or seven years. Continue reading “Compare 9 long-term loans for good, fair and bad credit”