Long Term Loan – How to Make a Decision?

Choosing to apply for a loan can be worrying – especially if you are borrowing for the first time and don’t really know what to expect. Aware of the fact that a long term loan on the Internet is a big step, Lucy Snowe specialists have prepared the most important information for you to make an informed and responsible decision! Read on!

Long term loan on the internet is extra money for big expenses

credit loan

A long-term loan is a loan with a maturity of up to several years. A cash loan for study or home purchase is also counted as a long-term loan, but these loans have a lender’s stated purpose and are settled only in person. A long-term internet loan is for personal expenses up to € 10,000, while the amount of quick loans available on the Internet is small and only for a few days or months. While quick lender offers also include loans for a year, a quick loan is more suited to situations where additional finance is only needed until your next income.

Before applying, pay attention to the creditor requirements. Each lender has its own criteria for evaluating applications, but the basic rules are:

  • You must be a Latvian citizen of legal age. Loans from 20 years are more common – this is considered to be the age when a person’s financial situation has already stabilized;
  • You must have a regular, stable, and loanable income, such as a solid salary, scholarship, or pension;
  • Your credit history is positive – any outstanding credit can be a reason for rejecting your application.

Choose a trustworthy lender on terms acceptable to you

Long-term credit loans can be found in offers from both banks and non-bank lenders, and some of these lenders also take on-site contracts. However, long-term internet loan is often the most sought-after option, as the customer can complete all formalities in a convenient time and place. Given that a long-term loan on the Internet does not require direct contact with the lender, verifying its professionalism and credibility can be difficult. Specialists at Lucy Snowe believe that a good overview of a lender’s performance can be obtained by checking that:

  • the lender offers pre-contractual and post-contractual client advice and access to general contract terms;
  • Past customer reviews are positive
  • the lender is a member of the Latvian Association of Alternative Financial Services.

Before applying, pay attention to the various offers and conditions of lenders. To be absolutely sure that you understand everything, it is imperative that:

  • read the terms and make sure you understand and meet them – pay particular attention to interest rates and repayment schedules;
  • Use the lender’s client advisors to find out all the credit-related issues.
  • ask your relatives or friends to find out about their experiences and get a more personal insight into how they work.

Make sure the long term loan you choose is right for your needs

Make sure the long term loan you choose is right for your needs

The most popular long-term credit loans for higher costs, such as more expensive purchases, home improvement or medical services, are credit line and consumer credit. Both of these loans allow you to obtain additional finance for up to several years, but each is more appropriate for specific situations:

  1. A consumer credit is a cash loan for payments that are known in advance, such as the purchase of specific items or the booking of airline tickets. It shall bear a fixed interest rate on the total amount of the loan which shall be staggered over a defined repayment period;
  2. a credit line is more appropriate for situations where the total amount of expenses is uncertain or may change, such as home improvement and repair or medical expenses. At Lucy Snowe, you are granted a loan based on your ability to pay, but interest payments are only calculated on the amount spent on the total loan.

Each long-term loan is different in terms of:

Each long-term loan is different in terms of:

  • A consumer credit is a long-term loan of up to € 10,000 with a maturity of several years. There is a fixed interest rate throughout the repayment period. However, there may be additional costs involved in getting a long-term loan formalized and issued. Please note that the selected amount will not exceed 30% of your monthly income.
  • Credit line – This type of loan can reach a limit of $ 1500. A credit line can be to your advantage if the loan required is not immediately identifiable and may change depending on the situation. A long-term loan works just like a cash account, you spend as much as you need, but the interest rate is calculated on the amount spent.

Before applying, you should pay attention to your financial situation – it must match any loan you choose. The final decision on whether to grant a loan will be left to the lender, but it should definitely be assessed individually whether:

  • the selected loan amount together with the granted interest rate does not exceed 30% of your regular income amount;
  • the need for additional resources is truly exceptional – financial difficulties are not common in your daily life;
  • You have confidence in the stability and regularity of your income throughout the repayment period. For example, a 24-month long-term loan means that your income may not decline during these two years.

Lucy Snowe is a lender who takes care of every client

The Lucy Snowe credit line is a long term loan on the internet with terms and conditions that are tailored to different customer situations and needs:

  • You can sign up in minutes by following the instructions at each step of the registration process.
  • Money transfers are convenient and fast – we have bank accounts in all major Latvian banks;
  • there are no additional fees for document processing, account maintenance, or cash withdrawal.

Online loans are a popular choice nowadays because of their benefits.

Often in the hurry of daily routine, time alone seems to be running ahead of us and we are back. The urgent solution is a loan that can be applied for online. While buying an online service may seem too complicated and time-consuming for anyone, Lucy Snowe wants to remind you of the opposite by emphasizing the benefits of getting a loan right now and here:

The following benefits are defined:

  • with an internet connection, an online loan is easier to process. There is no need to visit the lender in person to apply for your application, you can do it from anywhere in the world as long as you have an internet connection.
  • there is no need for a guarantor and pledge to grant you a loan online, but lenders will carefully check that you meet all the conditions to get a loan.
  • getting a loan online can be relatively faster. The process of getting a loan will be extremely fast if you apply for a loan during the lender’s working hours and meet all of its conditions. Then the money transfer can be done in a short period of time, if your account is opened in one of the biggest Latvian banks with which the lender also cooperates.

How soon will a cash loan appear in your account?

When you receive a loan approval, the length of time it will take to receive your loan will depend on the following factors:

  • In 98% of the cases, a cash loan will appear in your bank account within 10 minutes, provided the current account is opened.
  • using a bank account other than the one mentioned above, the loan will arrive in the long run;
  • what’s not happening! If you have a technical problem with your banking system, the loan will be available online once it is resolved.

Any questions you may have about the Lucy Snowe credit line and terms and conditions can be confidently addressed to our client advisors, who will help you make the best decision. Before applying for a loan, read the terms of the contract and borrow responsibly, carefully assessing your chances to repay the loan!