What can you use a 5 year loan for?
You can use a 5 year loan for almost anything you want to. Travel, a new car or funding further education are all possibilities. Many people take out a loan over a 5-year period to make improvements to their home with the idea of increasing its value, or just to enjoy a more comfortable, stylish living space. Some people use longer term loans as debt consolidation loans. This gives them the chance to put together all their outstanding debts into one borrowing plan, reducing their overall outgoings and streamlining payments to one simple monthly cost. For others, the period of 5 years is just right for business borrowing. They may choose to take out a business loan with a view to investing in their businesses, or even setting up new enterprises.