24 Month Loans - Borrow £50 to £5,000 over 2 years

When you apply through ThisLender, you can borrow up to £5,000 and spread the cost over twenty-four months. Find a repayment plan that works for you with our short term 24 month loans.

APPLY NOW  

NO OBLIGATION & NO BROKER FEES

Representative 49.9% APR

Representative example: Amount of credit: £1200 for 18 months at £90.46 per month. Total amount repayable of £1628.28 Interest: £428.28. Interest rate: 49.9% pa (variable). 49.9% APR Representative. Rates from 45.3% APR to 1721% APR - your no-obligation quote and APR will be based on your personal circumstances. The minimum repayment period for any loan will be 90 days from the date the loan is issued. The maximum repayment period is 3 years.

We are a credit broker, not a lender

Life has a way of throwing curveballs our way when we least expect it. In tough times, managing personal finances can get tricky, particularly when an unexpected cost crops up that wasn’t budgeted for.

Borrowing money can help you cover unplanned expenses - such as paying for vehicle repairs, household appliance repairs and emergency medical bills. It can even help you consolidate your debt, so you pay it off quicker. So if you’ve got a big expense to pay for, you could consider applying for a 24 month loan.

Short term loans spread over 24 months provide you with a lump sum of money upfront, which is then repaid comfortably over a two year period. Before applying for a 24 month loan, you must work out whether you can realistically afford to take on the debt and repay the loan amount in full.

Apply for a 24 month loan

If you default on your loan terms and fail to make your monthly repayments, your credit score could be severely affected. In addition, if this happens, you’re likely to struggle to secure a loan again in the future. Lending money this way is never a decision you should take lightly, however in certain situations it can provide a financial lifeline.

Ready to learn more about 24 month loans?

What is a 24 month loan?

A 24 month loan is a personal loan that is repaid over two years in twenty four monthly repayments. Also known as an instalment loan, this type of loan is more flexible than traditional bank loans. Lenders accept applications from people who might have been refused loans from banks in the past for poor credit history.

Be careful, though; 24 months loans can be pretty expensive. So, if you can borrow money from family and friends or even sell some of your unused stuff, you should do that instead. Taking on debt in the form of a 24 month loan should be your last resort.

Due to pricing caps implemented by the Financial Conduct Authority in 2014, no high-cost short-term credit loans, interest or fees can exceed more than 0.8% interest a day. But although it’s capped, lenders usually charge close to the limit.

Am I eligible for a 24 month loan?

If you meet the below direct lender criteria, then you could qualify for a 24 month loan. But remember, each lender has different eligibility requirements. At ThisLender we try to make 24 month loans as accessible to as many people in the UK as possible, so feel free to contact us if you’re unsure of your eligibility.

  • You’re aged 18 or over
  • You’re a UK resident with a permanent address
  • You’re employed and have a regular income
  • Have a UK bank account with a debit card
  • Your wages are paid into your UK bank account
  • You are NOT currently bankrupt

Get your loan quote today

Access from £50 to £5000

Can I get a 24 month loan if I have bad credit?

Yes, you can. We work with a range of bad credit lenders who can offer loans over a 24-month period. With that being said, you should always try your best to improve your credit rating because it can increase the likelihood of your application being accepted for future loan products, including a 2 year loan.

When applying for loans for 24 months with bad credit, there are a few things to be aware of. Firstly, because your application poses greater risk to the lender, you might be charged higher interest rates. Secondly, the lender may decide to require a guarantor to co-sign your agreement.

A guarantor should be a friend or family member who is willing to take on your debt if you fail to meet repayments. If this is the first time you’re hearing about this loan product, check out our guide on guarantor loans.

Can I get a 24 month loan with no guarantor?

24 month loans for bad credit with no guarantor are available, but not guaranteed. It is always at the lender’s discretion. For this reason, you should regularly check your credit file and take steps to actively improve it.

Though a 24 month guarantor loan may not seem ideal, it shouldn’t bring you any issues provided you are confident in your ability to meet each repayment over the 2 year period.

Can I get a 24 month loan with no credit check?

No, 24 month loans with no credit checks do not exist. UK lenders are required to check all applicants credit history before approving finance. If you come across a provider offering 24 month loans on a no credit check basis, you should check their legitimacy using the Financial Services Register.

Keep in mind that a credit check is a good thing - the lender needs to protect their investment, and they want to make sure you don’t borrow more than you can afford. And remember, the credit check is only one part of the total application process - you could still be eligible for a 24 month loan if you have bad credit.

How much can I borrow over 24 months?

You can apply to borrow any amount from borrow from £50 up to £5000 through ThisLender. However, the amount you will receive will always be based on what you can afford and your current financial circumstances. All the UK lenders we work alongside make a point of lending responsibly.

Before applying for a 24 month loan, you should think carefully about how much money you need as well as how much you can realistically afford to pay back. All of the UK lenders we work alongside make a point of lending responsibly, so you will need to be able to prove your ability to comfortably make repayments over a two year period.

What are the interest rates on 24 month loans?

When it comes to interest rates, you need to be aware of something called the annual percentage rate (APR). This is a rate used by lenders to calculate the total cost of borrowing money. With short term loans, the annual percentage rate tends to be higher, because they are designed to be borrowed for less time.

Each lender will quote a different annual percentage rate, which is taken by adding up the total interest and fees and dividing it to create a yearly average. The lower your annual percentage rate, the lower your monthly repayments will be.

At ThisLender, we do our best to find a suitable loan offer for our customers, so you can benefit from a competitve quote on your 24 month loan.

Can I pay back the 24 month loan early?

Yes, a lot of the time you are able to repay your loan in advance and this could save you money in interest. Some lenders charge you to do this, so when researching your 24 month loan be sure to check the individual lender’s terms and conditions.

Are 24 month loans same day payout?

We understand that when financial emergencies crop up, time is of the essence. For this reason, our service has been designed to quickly get you the money you need.

Providing your application is approved, most lenders will be able to transfer your cash loan to your bank within 10 minutes². If not, it’ll be the next working day. Don’t worry; you won’t have to wait long at all to access your cash.

Apply for a 24 month loan

How do I get a 24 month loan from a direct lender?

There are two ways you can apply for a loan. You can either apply for a 24 month loan directly from a lender’s website, or you can use a credit broker like us. Before applying for finance, you should always shop around to ensure you are receiving the best deal.

The problem is that researching the hundreds of lenders out there can take lots of time and energy. At ThisLender we want to keep things simple, we do the hard work for you by instantly matching your 24 month loan application to a suitable lender on our panel.

Why ThisLender?

As a credit broker, our services are 100% free for you to use. We charge no fees and there’s absolutely no obligation to accept any of the lender offers. The ball’s in your court.

Our panel of lenders are all UK-based and are authorised and regulated by the Financial Conduct Authority. We have our customers’ best interests at heart, and we are proud to support the FCA’s Treating Customers Fairly initiative.

What’s more, we don’t just offer 24 month loans. Repayment terms are available from 3 months to 3 years, so if you’re looking for a loan with a slightly shorter repayment period, why not consider a 12 month loan instead?

Get your free loan quote today

Access from £50 to £5000

Apply online APPLY NOW  

Representative 49.9% APR

Representative example: Amount of credit: £1200 for 18 months at £90.46 per month. Total amount repayable of £1628.28 Interest: £428.28. Interest rate: 49.9% pa (variable). 49.9% APR Representative. Rates from 45.3% APR to 1721% APR - your no-obligation quote and APR will be based on your personal circumstances. The minimum repayment period for any loan will be 90 days from the date the loan is issued. The maximum repayment period is 3 years.

We are a credit broker, not a lender.

Types of Loans & Credit

Borrow Money

Term Loans