Long term loans usually refer to installment financing programs that will allow you payback in regular installments over a relatively long period of time. The time period will differ for it to be termed long term loans depending on the type of loan applied for. Mortgage personal loan are termed long term if they go to the extent of more than 30 years while on the other hand, a personal loan of over 10 years will also be termed long term. These long term loans are seen as a difficult and competitive process but this is not true especially with the advancement in technology. You can now apply for these loans online and have it approved within 24 hours. Most companies that offer long term installment have one goal; to help bridge the gap between paydays that is why their installment loans are simple to apply for even if a customer's credit is less than perfect. Most companies will require an individual to satisfy the following requirements so that your application can be approved. Have an active checking account. Must have at least worked for one month to help secure a regular payment method. The application form will require your personal details, banking details and employment details. Once all these details are confirmed, the process for loan approval is fast and within a day, the money will be deposited into your account. The installment loan application process requires that the customer should not have defaulted on transactions in the past on his/her financial payments. This is because one may be declined for a loan in the company. Bad credits will reduce the chances of the approval of a loan as many companies tend to lean towards a history that will guarantee full repayment. This is not to say there cannot be a first time for bad credits. It only means that the risk at the time the loan was applied was minimal. In addition, bad credit or poor credit installment loans are not offered as the risk attached is simply too high for the company. If you are seeking a long term loans, simply gather information on the rates and terms and conditions for repayment from the various companies that offer these personal loan. This will help you get the best deal.