Personal Loads

Many financial institutions including banks, credit unions and other lending firms will make a long term personal loan.  In order to qualify for an unsecured long term personal loan you will need to have a good credit rating.  If you don’t have a high credit score you may be able to get a secured loan if you have something to pledge as collateral.

A long term personal loan will require you to fill out an application.  You will need to provide information about your employment history and income history.  You will need to give personal and professional references as well.  You may supply income tax returns for the past several years and copies of pay stubs.  Have a list of your personal household expenses prepared, as these will be asked for.  These would include your monthly mortgage or rent payment, as well as car payments, utilities, insurance, other loans that have to be paid and any other regular monthly payments.

Some lenders will even allow you to apply online.  This is typically a lot easier, but you will still need to prepare your information ahead of time.  Some lenders will have the funds available to you within a day or two of approval.   If you are able to apply online, this will help speed up the process and get your funds to you sooner.

A long term personal loan will have a set schedule for repayment over a specific period of time.   You will likely be able to select a time frame from a list the lender supplies.  The longer the repayment time the lower the monthly payments will be, but the higher the overall interest on the loan will be.   When taking out a long term personal loan consider your ability to repay the loan over the long haul.

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