Financial needs come in all shapes and sizes. Fortunately, so do loan products. Did you know you can get 5-year loans?
Why Would I Want A 5 Year Loan?
It’s really common to get 5 year loans for somewhat large amounts of money, such as financing a new car. But if you were buying a car, you would probably be looking for car loans, not 5-year loans.
Another reason might be to help cover school expenses. It typically takes several months to a few years to complete an educational program. In some cases, personal loans for school can make more sense than a student loan.
Let’s say you want to take the entire summer off to attend a coding school, but you don’t have any money in the bank. Then you might want to get a $5000 personal loan to cover living expenses with the expectation that you will have a better paying job after you complete the course.
A loan of that size is not something you will want to pay off in a year or less, even if your income goes up dramatically. So that would be the perfect time to consider a 5-year loan.
What Information Do I Need To Provide To Apply?
This will depend somewhat on the size and type of loan. For example, if you are getting an online title loan, you will need a copy of your title.
Regardless of what type of loan you are seeking, you will need to provide identification, such as:
- A military ID card.
- A driver’s license.
- A state issued ID card.
- A tribal ID card.
How Do 5 Years Loans Work?
These are typically installment loans. You make a monthly payment to cover a portion of the loan, plus interest and any other fees.
There might be a couple of reasons for such a loan. One might be the size of the loan.
They are often for several thousand dollars or tens of thousand. These are loans that you cannot afford to pay back in one lump sum.
Alternately, they might be for a few thousand dollars, but with higher fees. For example, you might be looking for bad credit personal loans guaranteed approval.
Start Your Application For A 5 Years Loan.
TheGuaranteedLoans can help you find the right loan product for you. We help streamline the process and help you find the best deal for your needs.
You fill out one set of forms with us, then we check your information against our database of verified lenders to see what loan products might be a match. Whatever matches we find, we notify the lender so they can contact you to complete the process. This means you only have to look at loans for which you have been prequalified, thereby saving you time and hassle.