Loan Digest

Long-term personal loans: what to know

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Long-term personal loans offer borrowers an opportunity to take out a personal loan and repay it on an extended repayment schedule.

There are many ways that you can benefit from taking out a long-term personal loan, including advantages like:Because your loan term is longer, you’ll make lower monthly payments than those you’d make for a short-term loan.Higher likelihood of qualifying with a good credit score:

You can afford the interest that comes with long-term payments and want to build your credit score over time.You only need a small loan amount that you can affordably repay within a short time period.

 

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