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10 Year Loans

A 10 year loan allows you to borrow money and pay it back through fixed repayments. They can be used to consolidate your debts, pay for an extension on your home or any other purpose.

A 10 year loan could help you borrow a larger amount of money, and clear your credit over a decade through a series of manageable repayments. They can be taken out as either secured loans, which use your personal assets as collateral, or unsecured loans - which may be higher interest rates depending on your credit history. While this loan is more flexible than others, there are also risks associated with it. Find out more with our guide to 10 year loans.
  • 10 year loans come with a set end date and repayment plan

  • They can be taken out as secured or unsecured loans

  • Compared to short-term loans, the interest rate can be lower

  • You will pay more overall by the end of the loan period

  • Failing to meet your repayments will affect your credit score

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What is a 10 year loan?

A 10 year personal loan allows you to borrow with a repayment plan that’s spread over a decade, making your monthly payments more manageable. With a repayment plan outlined from the outset, you’ll have an end goal for paying it back, helping you to plan for the future.

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.

Benefits of choosing a 10 year loan

A 10 year loan can help you to plan your finances as you will have an end goal in mind from the moment the loan is taken out. The payments can also be more manageable, as they are spread over the period of a decade, and are usually offered at a lower interest rate than short term loans.

Risks of choosing a 10 year loan

While your monthly interest rates may be lower in 10 year loans than short term loans, you will pay more overall once the loan is fully paid off due to the interest payable over the longer term of the loan.

Also, if you cannot keep up with the repayments on your 10 year loan, you could face additional fees and the lender could take you to court. If you’ve taken out a secured 10 year loan, this could mean losing your home or other asset.

Applying for a 10 year loan

Paying back a 10 year loan is a big commitment. Before you apply for a 10 year loan, check that you can meet the repayments comfortably over the next decade.

It is also important to make sure your credit report is accurate, as any errors could affect the interest rate you are offered or even your eligibility.

Can I get a 10 year loan?

Whether you’re planning business expansion or home improvements, we’re committed to helping you get the best loan available.

To further understand your repayment terms, why not use our loan calculator to find out your estimated repayments, or get a free quote from us.

What do I need to apply for a 10 year loan?

Applying for a loan with Norton Finance is simple. All you need to do is provide us with the following details below and we’ll be in touch shortly to discuss your options:

If you are applying for a loan to consolidate existing debts, it’s helpful to have additional details to hand about your current debts, such as the repayment terms, interest rates and outstanding amount.

Commonly asked questions about loans

Find out more about our 10 year loans with the answers to our most commonly asked questions below:

Why choose a 10 year loan?

A 10 year loan is one of the most flexible loan products on the market. The fixed term means you can feel secure and comfortable with your loan, giving you the breathing space to make a big financial decision on terms you can afford.

However, it’s important to ensure you can meet the repayments comfortably before taking out this type of loan. Failure to pay could lower your credit score and/or mean you risk losing your asset.

How can I check my credit score?

You can check your credit score for free by requesting a report online from one of the three credit reporting agencies. These are:

Will searching for a 10 year loan affect my credit score?

Applying for a loan may mean a hard search will show up on your credit history, however most lenders will carry out a soft search, which won’t appear on your credit report. While seeking pre-approval for a loan may initially lower your credit score if the lenders carry out a hard search, making regular repayments on time over its term will increase it in the long term.

Can I apply for a 10 year loan with bad credit?

Yes, it is possible to be approved for a 10 year loan even if you have bad credit or CCJs. Whatever your credit situation, we search for plans from a variety of different lenders to help your chances of being accepted.

How long does it take to get approved for a 10 year loan?

Once you apply for a 10 year loan with us, you will receive an instant decision in principle from our lenders. However, it can take around 1 – 2 weeks for your application to be processed.

Norton Finance loan details

We search the market, exploring more than 600 loan products to help you find the perfect one for your circumstances.

What can I use a 10 year loan for?

A 10 year loan can be useful for a number of different reasons. From home improvement projects to funding your dream wedding, here are a few examples:

Home

Home improvements

A 10 year loan can give you the funds to help complete your renovation project and increase the value of your home.
Money

Debt consolidation

Pay off multiple debts in one go, make repayments easier to manage.
Building

Boost your business

Grow your enterprise or start up a new business with the support of a ten-year loan.

Apply Now

If you’d like to get on top of your finances today, we’ll help you take control. Give us a call on 0800 694 5566 to get in touch with our advisers. We’ll gather all the necessary details and be in touch shortly to discuss your options. You can also apply online for a no-obligation quote.

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