Having bad scores means that as a borrower at some point in your history you failed to make good on a credit obligation. Over the long period of repayment on most loans, things can happen, bills get misplaced, jobs lost, and unfortunately these missteps can follow you for a long time. Being laid off from a job, recovering from a divorce, huge credit card debts, and or a past lack of discipline in the credit repayment need not make you an long term loan outcast for the rest of your life.
Bottom line? Your bad FICO scores will make qualifying for long loans more cumbersome than it otherwise would be, that is unavoidable, as there will be companies who will refuse you lend you money because of your bad financial history, they will assume you do not have the means to pay for the loan after the period and that you cannot be trusted to manage a long repayment period effectively.
The good news is...
There are lenders that offer long-term loans with bad ratings accepted, and expected. These specialized loan offers have developed a long term loan program that trusts you to manage a longer, more extended repayment period.
All bad credit lending companies ask a higher interest rate than you would pay with a good credit score, that is the trade off. In addition poor credit financing commonly requires some form of collateral in exchange for the money lent, but not all offers recuired security and there are a select few lenders offering unsecured long term financing for bad scores.
"Better loan terms can slash your monthly payments overnight..."
Check our our top recommended longer term financing offers that provide repayment extension options and a super flexible 100 day term to start.
The trick with long term financing with a bad FICO score is knowing which lenders work with low credit rating people and which lenders offer longer term loans.
Another consideration is that your credit report might not be as bad as you think, and the older the negative items on your report are the better your chances of landing a longer loan will be. So unless the loan is urgent or for a short term emergency, then it is recommended to explore all your traditional financing options thoroughly before using long term loans.
An additional consideration is that there still exist credit unions and bankers that your relationship can sway whether or not they approve you for a loan. Though most big corporations have made this laregely a thing of the past, a good relationship with the right bank can mean getting approved for a low interest long term lending program that would otherwise not be possible.
The lender may be more merciful and understanding if they know you, the history of your finances, and the explanation as to what caused your having low scores.
Buying More Time For Your Loan
Long Term Financing Options
If you have explored all your better credit options for borrowing, then read on to find out what bad credit long term loans are available online...
If you are in emergency need of money fast, there is no option more flexible, more fast, putting cold hard cash in your pocket quicker, than a payday loan. They accept low credit - check, they fund fast - check, they offer long term repayment options - hmm, not so sure on that one. The problem with most payday loans like this is that they require repayment to begin starting as soon as your next paycheck - definitely not a long term loan option right?
The solution to this problem was created by a select few personal loan lenders that developed a long term lending program for people with bad financial histories. Providing the hassle free, easy qualification standards of a payday loan coupled with an extended loan repayment schedule, it is an amazing long term loan option.
Long Term Loans - Secured and Unsecured
Your average bad credit loan, short or long term, will be either secured or unsecured. Secured loans are loans which require collateral, and it is accepted in the form of entire real properties, electronic appliances, vehicles, or other valuables depending on the financial institution and also depending on the amount that is to be borrowed.
The good thing about secured loans is that there is assumed like a concrete promise on the part of the borrower that he or she will pay the loan in time because of the security pledge; hence the word secured loan. Security increases the chance of being approved and will generally allow for longer term loans.
However, if not paid on time, the security you pledged is lost. Who wants that? Hence people usually much prefer long-term financing money that is unsecured.
An unsecured loan is borrowing based on your financial reputation, your credit score, and your honor. In stark contrast to the secured loan, no collateral is needed for this type of loan to be approved. However, having collateral would increase the likelihood of getting a better longer loan approved, fact, it is not necessary.
Getting a longer term unsecured loan is much harder, but our recommended personal loans bad credit accepted options excel for people with low scores because they provide an unsecured loan with a long term repayment schedule. Best of both worlds!
With good credit you can get approved for an unsecured personal loan for as much as $25,000, depending on the company, your history and income, although the average amount which you would be able to borrow is around $15,000.
Borrowing with bad scores reduces what you can borrow significantly and these extended term loans will approve up to $2500 based on how much money you make and your ability to repay the money.
With the internet you do not even have to meet with the lender to secure a longer term loan, as the forms can be completed reclining in your favorite chair with a bowl of snacks sitting next to the keyboard.
Negatives of Long Term Borrowing
The negatives of long term loan borrowing has much to do with personal finance fundamentals. A long term loan you cannot afford is as bad as a short term loan you cannot afford. Manage your repayment schedule wisely and make sure not to borrow more money than you need.
We help thousands of people secure long term loans for bad credit each month, but don't take our word for it.
Be sure to do your homework and compare the benefits and features of the various lenders we recommend. Make sure that the loan offer you apply for is best suited for your needs.