2014 Lender Lists:
Who Offers Bad Credit 24 Month Loans Online?
The most common niche catering this term is guarantor loans. They most commonly start from the year and they stretch as far as 5 years. They offer the most competitive subprime loan rates in the industry, but a backer must of course be found. Logbook lenders are also known to offer up to a few years to repay. Security is needed here (on the V5) and the rates are a little more expensive, but they are happy to take on those with very poor credit. If you do have a car that qualifies then this would be a good shout if you are seeking a 24 month loan.
If you aren’t able to find a guarantor or you have no qualifying car for the logbook option, then there aren’t many further online subprime options available that stretch past the year. The best advised alternative solution would be to apply for a credit card for bad credit that you could of course be able to use for as long as you wished to. This has always been a popular industry with the major players being Capital One and Vanquis, whilst Aqua is becoming increasingly well known. Barclaycard do offer their Initial product, but this is really for fair profiles and so those with past debt problems may get turned away.
These kinds of subprime cards don’t come with introductory deals such as 0% balance transfer and purchase rates. You also have to foot the most expensive rates on the market that can add up if you don’t pay up on time. From every provider, Aqua in particular has caught my attention recently through their Advance product that reduces over time when you have managed your account well. Over 3 years, the standard rate of 34.9% APR can drop to 19.9% APR that is better than what anyone else in this sector offers. Otherwise, it may just be better to just stick with using 12 month loan lenders.