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Long Term Personal Loan for Bad Credit

One of the best kinds of cash loan for a person to get is a long term personal loan for bad credit. A long term cash loan is a loan that doesn’t have to be immediately paid back.

Most personal loans have to be paid back very quickly usually within a few weeks or months of the beginning of the loan. This can present a real hardship to persons who have bad credit. Many of these people end up taking out other cash loans or paying high renewal fees to keep the loans from going to collections. This can cost a person a fortune and cause a lot of grief.

Getting a long term personal loan for bad credit, a loan that can be off in a long period of time such as several months can save a borrower money and trouble. Unfortunately many lenders don’t like to make long term personal loans because they make more money from short term personal loans.

Short Term and Long Term Personal Loans for bad credit

The typical personal loan for bad credit is a short term loan that comes due in one or two weeks. A long personal loan for bad credit on the other hand may not have to be paid off for a year or longer. Many long term personal loans for bad credit require the borrower to make a minimum payment every month.

Most of the check cashing and fast cash outlets that operate in storefronts will not make long term personal loans for bad credit. To find a long term personal loan for bad credit most borrowers will have to go online and locate a hard money lender.

Hard money lenders loan cash directly to borrowers at a high interest rate. Unlike the storefront lenders many of these lenders will make long term personal loans for bad credit.

Requirements for a Long Term Personal Loan for Bad Credit 

The main requirement most lenders have for a long term personal loan for bad credit is proof of income. The borrower will have to demonstrate that they have or will have the money to pay off the long term loan in the future.

This means that the lender may want to see a copy of the borrower’s bank statement to see if they have the income. A business may also have to provide records, receipts and other paperwork to demonstrate it has the income to pay off a long term cash loan.

Private individuals may have a much time getting a long term personal loan for bad credit than businesses. A private individual may end up having to put up collateral for a long term personal loan for bad credit.

Where to Find a Long Term Cash Personal Loan for Bad Credit 

The average person will have to go online to find a long term personal loan for bad credit. There are many lenders that make online long term personal loans.

Hard money lenders in particular are private lenders that make cash loans to businesses and individuals. Unlike banks hard money lenders advance quickly but charge very high interest rates. Hard money lenders will make long term personal loans for bad credit to those who can demonstrate they can pay them in the future.

Typing the term long term personal loan for bad credit into a search engine should produce a list of lenders willing to make long term personal loans for bad credit.