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Long Term Loans for Bad Credit

Long-term loans could help if you need to spread the cost of a large investment or unexpected bill. You could get higher amounts of money than you would with short-term loans, while longer repayment terms make payments more manageable. Both short-term and long-term loan applications are subject to affordability checks.

Dot Dot Loans no longer offers long-term loans. Our short-term loans are between £100 - £1,000 across 3 to 9 months.

What are long-term loans?

Long-term loans are larger sums of money that are borrowed and paid back plus interest, over an extended period of time. This is usually done in regular instalments spread over one year or more. You could repay yours over 18, 24, or 48 months depending on how much you plan to borrow.

You can apply for long-term loans online or on the high street. Because of the extra risk involved with higher loan amounts, some long-term loan lenders ask for guarantors or personal assets as security.

What are the advantages of long-term loans?

If you need financial support, there are plenty of reasons why a long-term personal loan could be a solution for you.

  • Larger loan amounts: Most lenders will offer a larger loan if you repay it over a longer time period. This means you can get more money to help cover larger costs
  • Lower repayments: Long-term loans can be more manageable. By spreading the cost of your loan further, you could have lower monthly instalments than you would if you took out a shorter-term loan
  • Lower interest rates: Most long-term loans come with lower interest rates than short-term options like payday loans. However, you may pay more in interest overall.

What can I use long-term personal loans for?

If you're short on cash, you're not alone. There are lots of situations where a long-term loan can give you the boost you need. Our loan purpose guide explains some of the reasons why our customers take out a loan.

They're useful for expensive purchases because of the higher loan amounts available. You may need to pay for urgent home repairs, or emergencies like your car breaking down.

They can also help when things don't go to plan. If you're met with a large unexpected bill or have several due at once.

Is a long-term personal loan right for me?

We want you to feel confident in your financial decisions. While a long-term loan can have lots of benefits, there are times when it might not be the best option for you.

Short-term loans are usually more suitable if you only need a smaller loan amount. If you want to replace your washing machine, service your car or renew your home insurance, for example. We offer short-term loans from £100 to £1,000 to help cover smaller costs.

And while spreading the cost of a loan over a longer period of time will make your monthly repayments more affordable, they can be more expensive overall if you end up paying more in interest.

Long-term loans can also make it tricky to plan your future as you'll still need to budget for your repayments. Will you struggle to afford them if you change jobs or move home? If you're worried about debt you can get free advice from National Debtline, StepChange or the MoneyHelper.

Are there any extra fees with long-term loans?

There may be late payment fees, added interest or charges depending on your loans provider so make sure to review your loan documents thoroughly.

What's the interest rate of a long-term loan?

Usually, your interest rate will be stated up front depending on how much you borrow.

Getting a long-term personal loan with a fixed interest rate can be easier to budget for than a loan with a variable interest. The amount you repay will be the same each month with a fixed rate, but a variable rate means it can go up and down.

Can I get a long-term loan with bad credit?

Even if you may not have a perfect credit score you could still get along-term loan with bad credit if you can afford the repayments. The loan provider should carry out affordability checks based on the information provided in your application.

You can visit our FAQs or contact us if you have any more questions.

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