What is a 24 month loan?
Simply put, a 24 month loan is a personal loan that is repaid within a period of 2 years; it is also known as an instalment loan.
If you have a less than perfect credit history and have been pushed back by your bank, you could still borrow a loan from £1,000 to £5,000 over 24 months with 118 118 Money.
What can I use a 24 month loan for?
As with our unsecured personal loans, a loan over 24 months can be used for a wide variety of reasons. Given that the loan duration is longer than a shorter term loan, say over 12 months, it’s more suitable for a planned expense such as a new car, home renovation or holiday rather than an unexpected bill.
Another reason to take out a longer term loan could be to consolidate other existing debts. Doing this could actually make your monthly repayments lower, get you out of debt quicker and increase your chances of getting a better credit deal in the future. It should also be remembered that repaying borrowing over a longer term may increase overall interest charges, so if you are consolidating and extending the term of your borrowing, consider this.
Ultimately, whatever your reason is for taking out a personal loan, at 118 118 Money we are here to help with an unsecured personal loan to best suit you.
Can I apply for a 24 month loan with bad credit?
In a word, “yes”, however we’d rather not refer to bad credit. At 118 118 Money we understand it can be difficult to get credit from banks or other lenders if you have less than perfect credit, therefore we look beyond your credit score and also consider your application based on whether you can afford to pay back the loan each month.
If you can demonstrate this, then there is a good chance that 118 118 Money can help you find the best solution for you. What’s more, we guarantee to keep your offer valid for 5 days, so you can shop around to find the best deal that suits you.
If you are worried about the impact a rejection may have on your credit rating or you have been rejected in the past, try our no-risk eligibility Quick Check now.
How do I apply for a 24 month loan?
Before you begin your online application, it’s important to consider why you are taking out the loan in the first place. We’ll ask you the purpose of taking out a loan so we can gather a better understanding of your application.
Our Quick Check will give you an indication of how likely you are to receive a loan from us before you fully submit your application.
If you’re happy and comfortable that you’ll be able to keep up with the monthly instalments of a 24 month loan, you can complete your application. If accepted and no further information is required, you could receive the money within 24 hours.
Paying back a loan over 24 months
Before committing to taking out any type of loan, it’s really important to understand the loan terms of each lender. How much you will pay back depends various factors such as how much you borrow, for how long and what APR (Annual Percentage Rate) is offered by the lender. Typically, the higher amount and longer the loan, the more interest you will pay on top of the loan. Some lenders will charge hidden fees too so check the terms and conditions of the loan.
With 118 118 Money you’ll know exactly how much money you’ll need to pay back each month. To give you an idea of how much you could borrow if you’re thinking about taking out a loan, we’ve provided you with an easy-to-use loan calculator. You can also work out how much you spend each month using our handy budget planner. Missed or late repayments on a 118 118 personal loan will incur a £12 charge.