Long-Term Loans for Bad Credit: Rebuild Your Financial Future
Get personalized rates in 60 seconds for Long-Term Loans for Bad Credit Borrowers, without affecting your credit score.
How much would you like to finance?
Understanding the Benefits of Long-Term Loans for Bad Credit Borrowers
Acorn Finance is here to be your partner as you explore your options for long term loans with bad credit. Ready to get started? Enter your personal information and review offers in just seconds!
Compare rates from top lenders
Helping You Find Long Term Loans for Bad Credit
How do long term loans for bad credit work?
Long term loans for bad credit aren’t really any different than a traditional personal loan. You’ll shop around for a loan, apply, and hopefully get approved. Then, once you have the funds, your repayment period will start.
Since the repayment period is longer than three years, you will likely pay more in interest over the length of your loan. But, your monthly payments will be lower since the payments are spread out over a longer period of time.
Long Term Loans for Bad Credit: Frequently Asked Questions
What are long term loans for bad credit?
To put it simply, long term loans for bad credit are a financial tool that borrowers with less-than-stellar credit can use to get a lump sum of money. It’s then repaid over a monthly period at a fixed interest rate — usually over several years.
While there are countless lending institutions that offer long term loans, you might have a tougher time getting approved with bad credit. And, if you are approved, be prepared to pay higher interest rates than someone with a better credit score.
Despite the challenges for borrowers with bad credit, a long term loan can still be a great financial tool for a wide-range of purposes!
How do you find the best long term loan if you have bad credit?
With careful research and some shopping around, you can find the best long term loan that works for you and your personal finances. Remember that what is best for you, though, might be different than someone else’s definition of the “best long term loans for bad credit.”
To find the best long term loans, you should:
- Explore different lenders - Each lender will have different requirements and loan terms, so make sure to take your time and understand what each institution is offering.
- Compare interest rates - If you have bad credit, you might not be eligible for the most competitive interest rates. But, you should still take the time to compare and find the best rate you can get.
- Consider the amount of the loan and the repayment period - Make sure to compare the different funding amounts you’re pre-qualified for and how long you’ll have to repay that amount. Ensure you can afford the monthly payments.
Are long term loans for bad credit worth it?
Are long term loans worth it? It’s really a question you’ll have to answer yourself! But what we can tell you is they are a great way to build credit and improve your credit score by responsibly borrowing. With a longer repayment period, though, you will owe money over a longer period of time which can prevent you from really gaining financial freedom.
Everyone’s financial situation is a bit different, but by evaluating your own personal financial situation, you can decide if a long term loan is worth it or not!
Loan Calculator: Long Term Loans for Bad Credit
Find the loan you're looking for
What can I do with a $8,000 personal loan?
Still have questions?
Compare & Shop Long Term Loans for Bad Credit at Acorn Finance
If you have bad credit and find yourself in a tough financial position, it can be hard to navigate your way out of it. But, a long term loan for bad credit borrowers can be a great financial tool to slowly improve your credit score while getting the funds you need.
At Acorn Finance, we’re here to make your long term loan search simpler and more straightforward. How? When you use our site, you can compare personal loan offers for bad credit borrowers in one place, ensuring you have all the information you need to make the best financial choice for you.
Ready to learn more about long term installment loans for bad credit? Keep reading!
What credit score do you need for long term loans if you have bad credit?
Each lender will have their own criteria to get approved for a personal loan, so there is no magic number that will unlock all the long-term loan options. That being said, the better your credit score, the more likely you are to get approved! Keep this in mind as you prepare to apply for the loan, and consider how you can improve your credit score first.
When it comes to Acorn Finance, most lenders we work with have a credit score cut-off of 600 to qualify. Not sure what you qualify for? You can enter your personal information and review custom quotes in just seconds, all with no impact to your credit score.
How long is the repayment period for a long-term loan?
Generally, any loan with a repayment period longer than two or three years is considered “long term.” That being said, some long term personal loans can have repayment periods up to 30 years. It just depends on your individual bank and qualifications.
Why choose Acorn Finance for long term loans if you have bad credit?
When you have bad credit, it’s crucial to explore all your loan options so you can ensure you’re getting the best offer possible. That’s where Acorn Finance can help. You can save time, money and hassle by reviewing all your long term loan options for bad credit in one place.
Plus, you can feel confident that you’re working with a top-ranked national lender when you use Acorn Finance.
One home, endless possibilities
