{"id":373142,"date":"2021-03-01T13:00:18","date_gmt":"2021-03-01T13:00:18","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=373142"},"modified":"2026-02-17T06:32:30","modified_gmt":"2026-02-17T06:32:30","slug":"10-year-loan","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/secured-loans\/10-year-loan","title":{"rendered":"Compare 10-year loans"},"content":{"rendered":"
Overall representative example<\/strong>
If you borrow \u00a343,000 over 16 years at a rate of 10.25% variable, you will pay 192 instalments of \u00a3505.18 per month and a total amount payable of \u00a396,994.56. This includes the net loan, interest of \u00a349,404.56, a broker fee of \u00a33,995 and a lender fee of \u00a3595. The overall cost for comparison is 12.7% APRC variable.<\/div><\/article>

What is a 10-year loan?<\/h3>

A 10-year loan is any personal loan, either secured<\/a> or unsecured<\/a>, that has a loan term of 10 years. However, it’s rare to get an unsecured loan with a term of 10 years, and most are only offered over 1-7 years.<\/p>

This means that 10-year loans are likely to be secured loans, which are a type of personal loan that requires you to use the equity you own in your house as security against the loan amount. If you default on your repayments your home may be repossessed.<\/p>

How do 10-year loans work?<\/h3>

If you take out a personal loan with a 10-year loan term, you’ll receive the loan amount upfront, and will then pay off this sum, and any interest, over 10 years’ worth of monthly repayments.<\/p>

If you have a loan with a fixed rate, the size of your monthly repayments will remain the same over the 10-year period. If you get a loan with a variable rate, the size of your repayments could change over the course of the loan.<\/p>

As almost all 10-year loans are secured, you’ll probably need to be a homeowner to qualify for the loan, and willing to use your home (or another asset) as a guarantee against the cost of the loan.<\/p>

Pros and cons<\/h3>
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Pros<\/h4>\n