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Long Term Personal Loans

One of the best kinds of personal loan for a person to get is a long term personal loan. A long term personal 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 are strapped for cash. Many of these people end up taking out other personal 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, 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 cash 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

The typical personal loan is a short term loan that comes due in one or two weeks. A long term personal loan on the other hand may not have to be paid off for a year or longer. Many long term personal loans 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. To find a long term personal loan most borrowers will have to go online and locate cash or hard money lenders.

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.

Requirements for a Long Term Personal Loan

The main requirement most lenders have for a long term personal loan is proof of income. The borrower will have to demonstrate that they have or will have the money to pay off the long term personal 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 owner may also have to provide records, receipts and other paperwork to demonstrate it has the income to pay off a long term personal loan.

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

Where to Find Long Term Personal Loans

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

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

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