Long Term Payday Loans Instant Decision

It has become a necessity to apply for a long term payday loans instant decision when you do not have a certain amount of cash. This can be any reason that allows you to apply for a loan such as settling an uncertain expense, paying bills, buying a property or car, financing a child's education, or any other. There are reliable lenders available online like us who provide a variety of financial offers as per your requirements.

These are basically divided into short-term and long-term categories. If you need fewer funds for a short period of time, make way for a short-term installment loan. And, if you have applied for a long-term loan, you will receive cash for an extended period. Also, remember the fact that for each loan offer, there are different pre-requisites which we will follow here.

What are long-term loans?

A payday loan is something that everyone knows about. This financial facility allows borrowers to finance a small amount of cash and make payments after the payday. In long-term loans, one can apply for a large amount of cash and make payments after every payday for a specified period. Generally, the interest rate under this monetary offer is higher due to the longer repayment facility.

All the more important factor is the secured or unsecured category depending on the capability of the borrower. Also, these are long-term loans for bad credit in Canada that allows people to get instant approval even if they have negative credit scores in the background.

How does long-term lending work?

There are many benefits associated with long-term payday loans. You can search for some people here to have a better idea.

Apply with bad credit score: Get ready to get a long-term loan for bad credit in Canada with Instant Decision. Now you don't need to think about a negative credit score in your profile. Here, the lending department will not look into your credit background and will sanction the loan in an instant manner. The only difference between a credit check and a no credit check is the loan amount. Here, in this case, you will be offered a lesser amount than in the credit check scenario.

Meet large financial needs: There is no doubt that long-term payday loans are meant to settle a major monetary issue or any purchase decision. You get a huge amount and an easy monthly installment benefit for a short period of time.

Online application process: There is another advantage of taking care of a hassle-free digital application process. Unlike traditional loans, here you will not be asked to submit a series of documents and make multiple visits to the bank. All you have to do is fill an online application with the required details and send all the documents together. In no time, you will get approved and funds will be directly transferred to your bank account.

Documents Required for Long Term Payday Loans

Certain documents are required from your side for processing the loan application. These are as followed:

  • Permanent address proof in Ontario, Canada
  • Identity proof
  • Income tax proof
  • Payslips
  • Bank account statement

Difference between short-term loans & long term loans

Before you actually apply for the loan, it is better to understand the real difference between a short-term loan and a long-term loan. In Ontario, Canada, some people may need a certain amount of cash for a short time and apply for a short-term loan, to be repaid after the payday.

Advantages and disadvantages of short-term loans


  • Fast approval.
  • Lower overall cost.
  • Potentially lower rates.
  • Get out of debt faster.
  • You pay less interest.
  • Flexibility and reduces stress.
  • Help you improve your credit rating.


  • Higher monthly repayments.
  • Can require higher income and lower debt-to-income ratio to qualify.
  • Stronger impact on your budget.
  • Negative impact on your credit score.
  • Fall into a cycle of borrowing.

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However, long-term loans are very different in terms of funds, repayment tenure, and other terms and conditions. These loans are for the lenders for an extended period of a maximum of 5 years to 35 years. This means that you have the freedom to repay the loan amount which is always huge between 5 to 35 years in easy installments.

Advantages and disadvantages of long-term loans


  • Build credit
  • Tax benefits
  • Limited eligibility criteria
  • Potentially easier to qualify.
  • Lower monthly repayments.
  • Hassle-free application process.
  • Might not noticeably affect your budget.


  • Potentially higher APR.
  • Higher total loan cost.
  • In debt longer.

In fact, interest rates, collateral requirements, and long-term loan prerequisites are also different in Canada. Anyone can apply for long term loans without any credit check and get instant approval. So, it all depends on your individual requirement while applying for long-term loans and choose the repayment tenure accordingly. It definitely helps in clearing out the long financial issues in a hassle-free manner and allows you to lead a comfortable life ahead.

Top advantages of long-term loans!

High loan amount: Clearly, long-term loans are meant to offer high amounts of cash to meet the diverse needs of the borrowers. Here, you don't have to worry about how much is being offered. You can apply for any amount depending on your repayment capacity and fixed monthly income.

Flexible Rate of Interest: These financial offers have a flexible rate of interest-based on the repayment tenure. So, it all depends on you how much amount you have to apply for and for how many months or years.

Long Term Loan against Child Tax: Save a lot on taxes after applying for a long-term loan. Generally, long-term financial assistance helps in reducing the taxable income under the income tax slab. Thus, you will be asked to pay less in the form of child tax or any other tax amount.

Repayment Option: Another important feature is the longer repayment tenure of the loan amount. Repaying the amount in easy installments may take months or years depending on your requirement. This helps in reducing the burden of making repayments in one go.

Different Varieties of Long Term Loans

The long term loan category is further divided into two categories i.e. secured and unsecured.

Secured Loans: As the name implies, long-term loans under the secured category demand some kind of collateral. Under this, you will be asked to declare something as security against the loan amount. This could be something valuable like property, vehicles, jewelry, bonds, or anything else. In most cases, the safe range of long-term financial propositions is to buy a property or a car. And, it can be declared as security against loan offers. Generally, the rate of interest under this is slightly higher, and the repayment period is longer.

Key Differences

  • Lower rates
  • Requires collateral
  • Build up your credit
  • Easier to qualify for
  • Takes time to process
  • Higher borrowing amounts
  • Secure longer repayment terms
  • Less risky to the lender and borrower
  • Collateral is the primary factor of consideration

Unsecured Loan: Unsecured type of loan does not require any security from you. Specifically, these are long-term loans with no credit check by direct lender approval. Even under this, your credit background check will not be done and you will get faster approval and cash transfer to your bank account. So, take a wise decision while applying for a long-term loan and go through the secured and unsecured category before taking the decision.

Key Differences

  • Higher rates
  • It is processed fast
  • Harder to qualify for
  • Doesn't require collateral
  • Lower borrowing amounts
  • Riskier to the lender and the borrower
  • The repayment period is usually short
  • Lenders consider your credit score as the primary factor

Ready for a quick FAQs

What are the preconditions of long term loans on payday?

There are certain perks that borrowers need to follow while applying for a loan. Are you must be at least 18 years of age, a permanent citizen of Canada, have a valid address, employment, email ID, and salary proof. Your loan application will be considered for approval once you meet the criteria.

Is collateral required here?

Yes, in some cases, you will be asked to declare collateral against the loan amount. Specifically, when you choose to buy a property or a car, your purchase property will be treated as security until you repay the entire loan amount in easy installments.

How to spend loan amount?

There is no restriction on how the loan amount is to be spent. Since a huge amount is offered, you can use it for multiple purposes like buying property, a car, personal property, or paying for unexpected expenses in a hassle-free manner. You will not be asked to declare the reason for spending the loan amount.

Are long term loans only sanctioned to individuals?

No, it is not always the case that long-term loans are meant for individuals only. Two or more people can apply for this loan for business or any other purpose. The only difference is that you have to abide by the terms and conditions.

What is the offered loan amount?

Under long-term loan offers, the amount is always higher than under short-term offers. This is due to the fact that the loan is offered for a longer period. As far as funds are concerned, it all depends on the repayment capacity of the borrowers.

Do you need a loan urgently?

Need some help completing your MoneyKey online loan application? Speak to our friendly Canada based team today!

Apply now No Impact to Your Credit Score.