In the current economic crisis, every person is looking for some extra cash apart from the salary to meet day to day expenses. Payday loans have become a huge rage in UK because they are available easily. However, there are two major drawbacks with payday loans. One is that they are expected to be repaid to the lender on the payday itself or at the most next day. Secondly, the amount available to borrow is usually very small, usually less than £1000. On the contrary, long term loans offer same benefits as payday loans but with an extended repayment period.
Why longer duration loans are better than others?
When you need money to meet your planned or unplanned expenses and that too on an immediate basis but with an elongated repayment period, short term loans may not be feasible. It is also not possible to take the conventional route of borrowing loans from the banks. The banks usually ask for lengthy paperwork and may take many weeks to process your loan. You have another option of asking money from your close friends or relatives but it may put you in an embarrassing situation. Hence loans which are available for a longer tenure will definitely work to your advantage.
The short term instant cash lenders offer only few days or maximum one month time to repay the loans. So even if you are going through an acute financial crisis and depending on your salary to meet your overdue expenditures, you have the burden of short loan repayment in the same month your borrowed the money. In very rare circumstances, the lender may extend the repayment duration but it will be done at a higher interest rate. Whereas, the long tenure money is lent for a period anywhere between 1 month to 12 months or even up to 18 months.
Additionally, the longer period loans can be repaid in installments which include the principal amount plus interest fees. So instead of paying the loan in one single shot, you have the facility to divide the entire loan amount into monthly installments as per the repayment period chosen by you. The lender is not concerned with how and where you spend your money as long as you repay the loan as stated in the loan agreement. To avail these loans, you have to be 18 years old, have UK citizenship, possess a personal savings bank account and have a regular salary.
It is very easy to apply for long span loans. You have to fill up an online loan application and submit it along with required information. The lender will take only few hours to review your application. If approved, then loan amount will be wired electronically to your bank account on same day or within 24 hours. Most of the lenders of long tenure loans do not require any documents to be faxed and also do not perform any credit check on the borrower. Additionally, this loan is available without any collateral. What more can you need from your loan?
Long term loans can be borrowed for the amount between £100 and £1500. They can be borrowed directly from the lenders by applying online on their website. You can also take help of the brokers or intermediaries who can help you to borrow loans as per your exact financial requirements. However you must do a thorough research before applying for a loan via lender or broker. It is recommended to avail loans from reputed and creditworthy lenders only. Also make sure that you choose a suitable repayment period which helps you to stay in absolute control of your monetary situation.