5-Year Loans
Search for a 5-year loan between £2,250 and £10,000
Are you hoping to spread the cost of an emergency expense? If your savings have fallen short and borrowing money from a loved one isn’t an option, you might have wondered, ‘Could I get a 5-year personal loan?’.
In our guide, we provide key information about loans over 5 years, including things to be aware of before you search, and whether you could be eligible for a 5-year loan for bad credit.
What is a 5-year loan?
A 5-year loan is when you borrow money from a lender and pay it back in monthly instalments over a 5-year period (60 months). If you’re thinking about applying for a loan to help pay for a financial emergency, choosing a 5-year repayment term could help you spread the cost.
Taking out a loan may not be suitable for everyone. Consider whether alternative ways of managing the cost are available.
5-year loans: what’s good about them & what to think about?
A loan with a longer repayment term, such as 5 years, offers you more time to pay back the money you owe. This could make the loan more affordable for you and help you manage your money. However, the longer the repayment term, the more interest you’ll pay, and the more expensive the loan will be.
On the other hand, a loan with a shorter repayment term will cost less overall, but your monthly repayments will be higher.
What can I use a 5-year personal loan for?
A loan is a serious financial commitment, and you should only consider searching for one if you’re certain that you can afford to make your repayments.
People typically apply for a 5-year loan to cover the cost of an unexpected expense, such as:
- A new car
- Wedding costs
- Home improvements, like a new kitchen
Personal loans over 5 years: could I get a 5-year loan with Little Loans?
Little Loans is a credit broker, not a lender. We help customers look for 5-year loans from our panel of over 30 direct lenders.
To search for a loan with Little Loans, you must:
- Be over the age of 18
- Be a UK resident
- Have a UK bank account and a valid debit card
- Have a regular source of income paid into your bank account
How much money could I borrow over 5 years?
The amount of money you could borrow over a repayment term of 5 years will depend on your circumstances, such as your credit history and current financial situation.
With Little Loans, you can search for a loan between £2,550 and £10,000 with a repayment term of 5 years.
You should never apply to borrow more money than you need or can afford to repay.
Loans over 5 years: are other repayment terms available?
The repayment terms that could be available to you will depend on the amount of money you apply to borrow.
In the table below, we’ve outlined the range of loan amounts and repayment terms that you can search for with Little Loans.
| Loans between | Repayment terms available |
| £100 - £950 | 3, 6, and 12 months |
| £1,000 | 3, 6, 12, 18, 24, and 36 months |
| £1,050 - £2,000 | 6, 12, 18, 24, and 36 months |
| £2,050 - £2,500 | 12, 18, 24, and 36 months |
| £2,550 - £7,500 | 12, 18, 24, 36, and 60 months |
| £7,550 - £10,000 | 18, 24, 36, and 60 months |
Loans over 5 years with bad credit
Some lenders could consider your application for a bad credit 5-year loan. Please be aware that a bad credit loan could come with a higher interest rate. The higher the rate of interest, the more the loan will cost you overall.
Several of the lenders on the Little Loans panel specialise in loans for people with bad credit. Before deciding whether to offer you a loan, a lender will check your credit history, your current financial situation, and whether you can afford the repayments.
Best 5-year loan rates
The interest rate you’re offered on a 5-year loan will depend on your credit score. Typically, the better your credit score, the more chance you have of being offered a loan with a lower rate of interest, although this isn’t always the case.
When searching for 5-year loans with the best interest rates, focus on finding one that’s affordable for you.
Little Loans could help you search for a personal loan over 5 years to suit your circumstances.
What should I do if I can’t afford to make my loan repayments?
If you’re struggling with money and can no longer afford to make your loan repayments, you should contact your lender as soon as possible. Missing a repayment could harm your credit score. The sooner your lender is aware of your situation, the sooner they can discuss any options that could help you.
Money worries can feel overwhelming, but please know that you can get free, confidential advice from the following charities and organisations: StepChange, MoneyHelper, Citizens Advice, and National Debtline.
Representative example: Amount of credit: £1000 for 12 months at £123.40 per month. Total amount repayable of £1,480.77 Interest: £480.77. Interest rate: 79.5% pa (fixed). 79.5% APR Representative. We’re a fully regulated and authorised credit broker and not a lender