How do 10 year loans work?
10 year loans are a type of loan that is determined by the duration of the repayments (in this case ten years) rather than the amount or reason for the loan.
Before taking out a 10 year loan, you’ll choose between a secured and an unsecured loan. Unsecured loans don’t have any security, so your chances of being accepted could be affected if you have bad credit or CCJs. Secured loans use your assets, such as your home or car, as security and tend to be offered at a lower interest rate. However, if you fail to keep up with the repayments, you could risk losing these assets.