What is a Long-Term Personal Loan?

Long-Term Personal Loans allow you to borrow money from a financial institution with a relatively long period stipulated in which you have to pay it back. Personal Loans are most often used for sums of money that you are unable to provide at short notice, such as a medical emergency or car repairs.

Process of applying for a loan

Before you consider taking out a loan, you need to make sure you can afford it. Are you able to cut back on your disposable income in order to make monthly repayments? If you can, then you can apply through a financial institution that offers Long-Term Personal Loans. During the application process, the National Credit Advisor (NCA) will run a credit check in order to ascertain whether you will be able to meet your monthly repayments and aren’t in bad debt.

To apply, the creditor will ask you for your latest payslip, proof of address, ID document and latest bank statements dating back three months. If you are approved, the period in which you will pay the loan off will depend on how much money you borrowed and any other terms laid out by the creditor.

If you’re looking into a Long-Term Personal Loan in order to help you out financially, compare quotes online today to find the right deal for you.