Long-Term Loans

Find out how to get a long-term loan for bad credit with low-interest rates online. Get yours through our online easy submission portal right now!

Want to borrow more than $5,000? Click here!

How Can I Get a Long-Term Loan with Bad Credit?

Despite having a bad credit score, the good news is that you can still get a long-term loan. The most critical part of the borrowing process has to do with finding a suitable lender. With most banks and traditional lending institutions, your chances may be slim because they generally require the applicants to have a good credit rating in order to get their loan request approved.

Alternatively, you may also choose online lenders that offer different types of long-term loans for borrowers with bad credit ratings. But finding a reliable online lender could be challenging, so we are here to help! CocoLoan is the platform that can connect you with a long list of reputable online lenders across the US, providing professional online loan services for people with bad credit!

Where Can I Get a Long-Term Bad Credit Personal Loan?

There are different places where you can get a long-term bad credit loan. However, your chances of approval if you have a relatively low credit score may also vary. The first thing you can do is to check with your bank to see if they offer long-term loans for their existing customers. Banks generally look for good credit ratings, but if you have a good relationship with your bank, they may consider your application even with your low credit score.

When you can't get a long-term loan from banks or credit unions, this is where online lenders can help you. You can easily access multiple online lenders when you use CocoLoan. Our platform can help you borrow up to $5,000 for online payday or installment loans and up to $35,000 on personal loans.

How Does CocoLoan Compare

default imgWhy Trust CocoLoan?
How much can you get?$50 to $35,000Zero upfront charges
What are the loan terms?1 - 36 monthsEasy repayment
Are credit checks needed?YesMostly soft pulls
Are bad credit accepted?YesAll credit considered
How to apply?Totally onlineSimple and straightforward
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What Are the Pros and Cons of a Long-Term Loan?

Getting a long-term loan has pros and cons, which you need to be aware of before making a decision.


  • Larger loan limit. A long-term loan generally gives you a higher loanable amount which is ideal for different purposes such as home improvements, debt consolidation, and a one-time big purchase.
  • Lower monthly payments. As your loan payments will be stretched over several years, your monthly payments will be lower and more affordable.


  • High-interest rates. Long-term bad credit loans can become high-risk loans because your financial situation could change during your repayment term. Given the risk associated with the loan, you can also expect high-interest rates for this type of loan.
  • More interest payments. As interest charges are computed by considering loan amount and loan term, the longer your loan term is, the more interest charges you will pay over the life of the loan, resulting in a higher total loan cost.
  • You may incur loan fees. Most lenders expect you to pay interest constantly, especially for long-term loans. To ensure continuous repayments, they usually will charge various fees for long-term loans, such as application fees, origination fees, early repayment fees, and late payment fees, among others.

In What Situation Should I Consider a Long-Term Personal Loan?

A long-term personal loan can help you when you need a large amount of money that you cannot afford to pay immediately. It is an ideal option where the purpose of borrowing could help improve your current financial condition.

Some common reasons people get this type of loan are for home renovation or major home improvements. These projects could increase the value of your home, which in turn could improve your future financial condition.

You could also use the money for debt consolidation when combining all your loans in one can give you more interest savings. Some people also get long-term installment loans without credit checks instead of business loans to jump-start their business or facilitate business expansion.

How much would you like to borrow?


How Does a Long-Term Loan Affect My Credit Situation?

The long repayment period of the loan can affect your credit situation over a period of time. If you borrow money that is payable over five or more years, that will also drag your finances for that same number of years. For example, suppose you borrow $35,000 with a repayment period of 5 years at an APR rate of 15%, the average APR rate for personal loans. In that case, your monthly payment will go over $800, and it somehow can be too much of financial responsibility.

On the other hand, if you pay your loan on time, those payments will positively impact your credit score. However, if you default, this will also be recorded in your credit history and will pull down your credit rating.

What Are the Costs of a Long-Term Loan? Are They More Expensive?

Looking at the monthly payments of long-term loans, you may think that it is cheaper because the monthly payments are usually lower than short-term loans. However, a closer look at your total payments will tell you which loan option is more expensive. Generally, you will pay more interest throughout a long-term loan than when you get the same amount of loan and repay it quickly.

For example, comparing a short-term loan of $10,000 payable in 12 months with a 15% APR versus a long-term loan of $10,000 payable in five years with an APR of 10%, you may think that the 10% interest loan is a cheaper option, but it is not.

The total interest for the short-term loan is $1,500, while the total interest for the long-term loan is $5,000 (without considering compounding interest and any possible changes in the interest rate). Given this example, we can see that a lower APR does not always indicate a cheaper loan.

Before getting a long-term loan, get a schedule of payments from the lender so you can compute your total interest and fees, and from there, you can tell if the loan is expensive or not.


Long-term loans for bad credit allow you to borrow a huge amount of money which you can repay for several years. There are situations where this type of loan is an ideal option, such as when renovating a home or consolidating debts. There are pros and cons to getting this loan, and it's important to consider them before making a decision. Furthermore, don't forget to check how much potential interest you will be paying for your loan so that you can weigh the cost and benefits of borrowing for the long term.

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Visit CocoLoan now and start checking your long-term loan options.

We will connect you to multiple lenders that offer easy and fast long-term loans for people with bad credit.

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