What is a 24 month loan?

A twenty four month loan is an unsecured personal loan with a repayment schedule spread out over a two year period. The amount of money available to borrow is dependent on the individual as well as the APR and interest rates you could be charged. Often larger sums of money, 24 month loans are typically used for various reasons such as house renovations, car repairs, or even paying off unexpected bills from vets or dentists.

This longer term loan is perfect if you’re planning ahead and looking at longer term options. Having a plan over two years is often easier for people as they know what the monthly payments will be, and therefore budget responsibly. A 24 month loan is a longer financial responsibility, although is a popular choice, as monthly repayments will often be lower due to the time period the payments are spread over.

How much can I borrow and what are the repayments like?

At 118 118 Money you can borrow anything from £1,000 to £5,000 with monthly repayments ranging from £50 to £400 depending on the individual. After choosing your loan amount you can choose the time period you wish to spread the payments over; all of this can be roughly estimated using our loans calculator which will calculate based on the eligible APR’s. The total to repay inclusive of interest can be worked out via the calculator, enabling you to plan ahead and keep on top of your personal payment schedule.

As mentioned previously, we can tailor the loan period and amount borrowed to your personal situation. With larger loans, if your credit score is quite low, you could be looking at paying less on monthly payments. On the other hand, if you have had trouble in the past obtaining and credit and have a high credit score, there’s no need to worry as we can find a solution for you to work with your current and proposed future budget.

How can I apply online for a 24 month loan?

118 118 Money loans are aimed at you if your credit score is not robust enough to be accepted by a bank, or if you’re looking for a lower rate or longer term alternative to a short-term loan. We aim to make loans more accessible to people and give everyone the chance to borrow money if they are in a situation of need should unexpected circumstances or situations occur. You can apply for such a loan online via your desktop, tablet, or mobile. Feel free to explore and gather all the information you need across our site before contemplating your application.

Applying online for a loan couldn’t be easier. Apply today for a loan with 118 118 Money and we could accept your proposal within hours and transfer funds direct to your account within 24 hours. Once your application is filled out we can review the possibilities as a long term lender and ultimately work out how suitable you are for the loan. So if you’re struggling with other lenders elsewhere, why not apply online today? A 24 month loan within 24 hours could be awaiting you without even leaving your house.

What other loan lengths are available?

118 118 Money loans range between time periods of 12 month loans, 18 month loans, and 24 month loans. Depending on the individual you can borrow between £1,000 and £5,000 in these designated time periods to find which one will work best for you. If a twenty four month loan seems like a long time to you, why not shorten the loan period and see what other options you have. In some circumstances a larger loan, if not urgent, may be too much and can be easily downsized to give you smaller chunks of affordable and manageable monthly repayments.

If you’re looking for longer term loans than the two year period, then maybe 118 118 Money may not be right for you for such a loan. However feel free to explore your options, as implications may mean that shorter term loans could ideally suit your situation. Either way, be sure to be thorough in your research and find the best loan for you; speak to our team or apply online today to see what loan we can offer.

Representative example: Amount of credit £1,810.48 for 24 months. Interest rate: 71.3% pa (fixed). 24 scheduled monthly payments of £143.48. Total amount repayable: £3443.52. Representative 99.9% APR.

Rates from 35.9% APR - 99.9% APR fixed.