Generally when we talk about long-term online loans we almost always talk about a few financial ones. Have you noticed?
This is for several reasons being what we are going to deal with in today's article.
Because it is not that there are no long-term loans, if there are, the problem is that online loans have never been characterized as a type of financing that can be signed in the long term.
If you look at the market and more specifically in the online credit market, you will see how most are loans signed with short and medium terms.
In our opinion, the main reason is the type of need that these credits cover.
As they are fast money loans processed over the internet, the financial companies offer small and medium amounts so they do not need to put long terms.
In fact, it is common sense, companies only put long deadlines to make the return with quite large amounts of money.
As fast online loans are usually for amounts not exceeding € 4000, it is rare to see more than 3 years to make the return.
Long-term online loans When do we talk about long-term?
For us at Long-term Online Loans, they are those whose term is greater than 8 years.
Some say that after 5 years and up we can talk about long-term loans .
I suppose that as always everyone will have different points of view.
And from what we see, there are none of these credits whose term is as described.
We always talk about loans signed through the internet, not those others whose processing is online but the signature is in person.
In case of considering these as online loans, if we can say there are those with that term as almost all of them are processed in this way.
The amount is directly related to the repayment terms in online credits
Something that can also be demonstrated by seeing the different fast loans online that can be signed in the market.
They all comply with this rule, small amounts have reduced terms while large amounts just the opposite.
Why do you think that in micro loans there are usually no more than 30 days to repay the credit?
This is because of the amounts that customers are signing here.
The same happens in personal loans of greater amount, in the same way that the amount does, so do the terms.
This relationship not only occurs between the term and the amounts, the financial cost is also related.
The smaller the financing requests, the higher the interest rate usually set by the finance company.
When to request a loan online?
Taking into account that these credits were created above all to solve small unforeseen events, we must make use of the money as planned.
Therefore, looking for long-term online loans (more than 5 years) in our opinion is meaningless.