Fast. Free. No impact on credit score.
5 year loans
Fast. Free. No impact on credit score.This won’t affect your credit score
A 5 year loan sets the repayment window from the start, so you have an end goal for paying off your loan. This means you can plan your finances more effectively.
Before you decide on a plan, you’ll need to choose between a secured or unsecured loan. A secured loan uses your assets, such as your home, as security on which to make the repayments. However, this loan is usually offered at a lower interest rate than an unsecured loan, which could mean cheaper monthly instalments.
Unsecured loans are not backed by collateral, so a lender will use your credit report to decide whether or not to offer you a loan. This means your chances of being accepted for a 5 year unsecured personal loan could be affected if you have CCJs or an unsuitable credit history.
A 5 year loan can make borrowing more affordable than short term loans, as the repayments will be spread out over a longer period. This usually means the repayments are offered with a lower APR.
With a 5 year loan, you’ll have an end goal of when your loan will be paid off from the offset, allowing you to plan future finances and manage your money more effectively.
While a 5 year loan offers flexibility, it can also negatively affect your credit score if you find yourself unable to meet the monthly repayments. If you continue to miss these repayments, this could mean losing your home (for secured loans) or being taken to court by your lender.
Even with a lower rate, a 5 year commitment will typically prove noticeably more expensive than a shorter loan when taken as a whole by the end of the repayment period due to more interest being payable over a longer term.
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A 5 year loan can help kick-start your next project, reach a milestone or simply help you manage your finances. However, before you apply for a 5 year loan, assess your finances to ensure you can comfortably meet monthly repayments.
It can also be worthwhile tidying up your credit report by correcting any errors or misinformation, to improve your chances of being approved for the loan terms you want.
If you’ve decided on a 5 year loan, you can start your application online. Afterwards, we’ll be in touch to discuss the following details:
If you are looking to consolidate your debts, it can be helpful to have details of any existing loan repayments to hand to speed up the process.
You can use a secured or unsecured 5 year loan for almost anything, whether it’s personal or business related. Here’s just a few examples:
Borrow the funds to improve your home, whether you’re looking to increase its value or give yourself more space
Combine your loans and credit into one repayment plan and manage your finances more easily.
Start up a new enterprise or grow your business with a 5 year business loan.
A 5 year loan is one of the most flexible loans on the market, and means you can borrow anything from £10,000 to £500,000, giving you the breathing space to make a big financial decision at terms you can afford.
You can check your credit score through one of the three main credit reference agencies:
These companies may offer a free outline of your score once a month, but you’ll have to pay to see a more in-depth report.
To understand your terms, use our 5 year loan calculator to see an estimated monthly repayment or get an instant quote from us.
At Norton Finance, you can borrow anywhere from £10,000 to £500,000.
