You may need to get a long-term loan to expand your business, purchase real estate, do car repairs or home improvement. The service is also used by customers who need a small amount for a long time, as a payday loan is not suitable if you have no possibility to repay the debt within 30 days.
Advantages of online long-term loans
Customers who need money for a long time often apply for a loan. But banks only give loans to individuals who meet high requirements. The final decision is influenced by the loan amount, income, employment, collateral, guarantors, credit history, loan purpose. Collecting documents and conducting a check can take a whole week, but they do not guarantee approval of the loan.
Long-term loans are popular due to a number of advantages:
- Applications are approved in 99% of cases. It is important to specify all the data in the application as honestly as possible since one of the possible reasons for denial is false information;
- Proof of income is not required. To get a long-term loan, it is enough to be a legal US citizen/resident;
- You can get funds within 30 minutes, without a long check;
- You can get a loan even if you have a bad credit history. Small delays in the past or a small current debt will not affect the lender’s decision.
How to apply for a long-term loan in Boston
To get a long-term loan, you must contact the MFI office directly. The consultant will tell you in detail about the service, answer questions. You can also apply for a loan using a referral service that connects you to a reliable lender.
The process includes four stages:
- Indicate correct personal data in the online application;
- Wait for the lender’s decision;
- If approved, sign an agreement;
- Get funds transferred to a bank account.
When filling out the application, it is important that you correctly specify the full name, ID, email, phone number, and bank account details.
Long-term loan eligibility criteria are minimal:
- Be a US citizen/resident;
- Be at least 18 years old;
- Steady income.
Loan repayment options
It is convenient to make payments. You can repay your loan in cash at the office, by bank transfer, or through a mobile application.
It is important to make payments on time. But if the circumstances do not allow you to pay the debt on the due date, you can request a loan extension option. It is possible to increase the loan term if the payment is not overdue.
A long-term loan in Massachusetts is provided very quickly and does not require impressive paperwork. A long repayment period allows you to cope with sudden financial difficulties, and a convenient system of payment in small installments helps to stabilize the financial situation.