As you probably very well aware of long term loans they can vary in the amount of time that you take the on average loans can be taken over 3 to 5 years. But should you be borrowing a lot more money than the normal £3,000 to £5,000, if we’re talking somewhere around the £15,000-£20,000 mark you can expect to pay over a much longer period to keep your monthly installments at a manageable level. You will also need a good credit score to borrow a higher amount.
Each lender will need to provide you with details of how you can pay your loan what default charges you get will receive and what interest rate you will be paying across the term of your loan this will be sent out to you in your lender agreement for each loan. This is part of the financial service authority guidelines that each lender must follow should you not receive this in your welcome pack please contact your lender straightaway and advise you have received the relevant information and they will send them straight out to.