Long-Term Installment Loans Online

First Bank makes it easy to find a long-term installment loan online. This type of loan can help you avoid financial crisis and give you time to get back on your feet. And if paid on time, long-term installment loans can be a great avenue for boosting your credit. The problem is that qualifying for this type of loan without excellent credit can prove extremely difficult.

As a small business owner, you likely have better things to do than make an appointment at the bank and work through finding a long-term installment loan. Luckily, online lenders are now making the process easier. The loan experts at First Bank can help you find the right online lending service to help get your business thriving.

Advantages of Long-Term Installment Loans

Taking out a loan online certainly has its advantages—the process is often quick and convenient, which appeals to a wide variety of borrowers, both from a personal and a professional standpoint. Here are some other advantages of long-term installment loans:

  • Boost Your Business
    Finance larger capital needs on a repayment plan that you can budget for.
  • Consolidate Existing Debt
    Save time every month by combining your debts.
  • Improve Your Credit
    Demonstrating a long credit history can improve your credit score and set you up for future success.

Interest Rates and Terms

Most online lending services offer both short- and long-term installment loans. For both, repayment occurs in monthly increments. The difference lies in the length of time that you choose to make payments and the interest your loan will accrue. When determining which is better suited for your needs, consider your budget both now and down the road.

Long-term installment loans mean larger loan sums, higher interest, and a longer repayment period. Ask yourself whether you can afford to commit to monthly payments for a term of 3–5 years.

Build Your Business with First Bank

Short- and long-term installment loans are available online. Unlike traditional banks and other private lenders, many online lenders make financing with a long-term installment loan available to anyone with a steady income, no matter their credit history.

Going online makes the process easy, but remember that First Bank is always here to help. Find a First Bank location today.

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Sources:

Nerd Wallet: https://www.nerdwallet.com/blog/finance/credit-age-length-of-credit-history/ 


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