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Whether you’re looking to build an extension, tidy up your finances or cover the cost of your dream wedding, borrowing over seven years can let you keep the cost of monthly repayments down. Lower monthly repayments makes a loan more affordable for you, in the eyes of a lender. However, borrowing over a longer period pushes up the overall cost of a loan, so it’s important to strike a balance and to shop around for the best rates you can get.
There are different types of seven-year loans available from traditional personal loan companies. The best deal for you will depend on your individual circumstances and reasons for taking out a loan. If you haven’t already, it’s a good idea to check your credit record using one of the numerous free services available.
Below are some of the options available for a seven-year loan, and the types of borrower they’re most likely to be suitable for.
If your loan is approved, you’ll receive the money, usually within a day or two, then you begin making monthly repayments soon afterwards.
Every repayment will consist of the interest accrued so far and a small part of the money owed. In the first few months the repayments will contain a lot of interest, and by contrast the final few payments will consist mainly of the capital owed.
If repayments are missed, you could pay penalty fines. This will damage your credit record and ultimately you could be subject to legal action.
Here are some of the key factors to consider when comparing and choosing the best seven-year personal loans.
If you’re in a hurry, you may wish to add turnaround time to this list. Some lenders claim to be able to transfer funds to your nominated account in a matter of minutes, but we’d always advise that this is a short-term benefit and ideally shouldn’t be a deciding factor.
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Credit cards could be a better option for you depending on your circumstances.
If you have a great credit record, and a large income, you may be eligible to borrow large amounts on a credit card, perhaps while taking advantage of a 0% interest introductory deal. While there are no deals like these in the UK that last seven years, you could potentially switch to a second 0% card when the introductory offer on the first card expires. After any low-rate introductory periods are over, credit cards generally charge a significantly higher rate than personal loans.
Self-discipline is also a factor. With a credit card you’re only obliged to make a minimum repayment each month, and you’re able to borrow more whenever you like, subject to the card’s credit limit. This means that if you take out a credit card, and you’re not organised about clearing the balance, your debt could continue indefinitely, and cost you significantly more.
A seven-year loan could be just the trick to afford the purchase that transforms your life. By spreading that large outlay into monthly payments, it becomes far more manageable for the average consumer. The lengthy term of this product does mean you’ll pay out a lot of money in interest though, so it is worth shopping around to find the best possible deal.
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