Long-Term Loans for Bad Credit: Rebuild Your Financial Future

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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!

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How to Get Long Term Loans for Bad Credit

Check Offers for Long-Term Loans for Bad Credit Borrowers at Acorn Finance
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Pre-qualify

Fill out an easy online form to check for pre-qualified offers with no impact to your credit score
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Select offer

Compare terms and payment options to select the offer that’s best for you
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Finish application

Complete your application on your selected lender’s website
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Receive funding

After your loan is approved, your funds should arrive within 1-2 business days2

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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! 

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!

Learn More About Long-Term Loans for Bad Credit Borrowers:

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.

Are there alternatives to long-term loans for bad credit?  

We know that getting a long term loan with bad credit isn’t for everyone. If you need cash fast but can’t get approved for a long term personal loan for bad credit, there are other alternatives to consider. 

Credit Unions are one alternative place to see if you can qualify for a long term loan when you have bad credit. Credit unions have more flexibility in terms of their lending guidelines and can sometimes approve those with below-average credit for loans that they would otherwise get denied for. 

Home equity loans are another possible way to get the cash you need in a long term format. If you own a home and have equity in your property, you could borrow against your home and repay over a longer period of time. But, you’d have to own a home and qualify still. 

Can I use a long-term loan to improve my credit?  

Yes! With on-time and consistent payments, you can slowly improve your credit score. Make sure you’re borrowing responsibly and can keep up with monthly payments — otherwise, you could face more consequences!

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. 

Pros and cons of long term loans for bad credit:

Before agreeing to a long-term financial commitment like a long term personal loan for bad credit, make sure you think about the pros and cons! Here are some of the common things to consider with a long term loan when you have bad credit:

Pros

  • Easily accessible – Personal loans are offered by a lot of financial institutions, which can give you more options to pick from if you have bad credit. 
  • Longer repayment period – A long term loan with bad credit can be a helpful tool since the repayment periods are longer. This also means lower monthly payments!
  • Could boost credit score – With regular, consistent payments, your credit score could go up.

Cons

  • Higher interest rates – Getting a long term loan with bad credit can disqualify you from the most competitive interest rates.  
  • Longer repayment period – While longer repayment period can be a good thing, it also means you’ll pay more in interest over the length of your loan. 
  • Tougher to get approved – Depending on your credit score, you could have a problem getting approved for a personal loan with bad credit.

I am adding a hot tub and other patio enhancements to my house. My experience using Acorn Finance was excellent.

Tracey E.

Kentucky | Patios & Decks

I am extending my patio. My contractor informed me of possible financing and the Acorn Finance experience was awesome, very easy.

Monica L.

Texas | Patios & Decks

The whole process itself was just so fluid, all the way through to the end. I was thinking it can't be this easy, but it really was!

Janina D.

Kentucky | HVAC

I am adding a hot tub and other patio enhancements to my house. My experience using Acorn Finance was excellent.

Tracey E.

Kentucky | Patios & Decks

I am extending my patio. My contractor informed me of possible financing and the Acorn Finance experience was awesome, very easy.

Monica L.

Texas | Patios & Decks

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