9 Best Long-Term Personal Loans
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Banks, online lenders and credit unions offer long-term personal loans, which carry repayment terms of seven years or more. Here's a summary of our top picks for lenders that offer long-term personal loans, plus information on how to choose the best loan term and how to get a long-term cash loan.
- 35+ personal loans reviewed and rated by our team of experts.
- 20+ years of combined experience covering personal loans and financial topics.
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- Governed by NerdWallet's strict guidelines for editorial integrity.
- 35+ personal loans reviewed and rated by our team of experts.
- 20+ years of combined experience covering personal loans and financial topics.
- Objective, comprehensive star rating system assessing 20+ categories and 70+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
9 Best Long-Term Personal Loans
8.99-29.99%
$5K-$100K
None
SoFi offers online personal loans with consumer-friendly features for good- and excellent-credit borrowers.
- Must be at least 18 years old in most states.
- Must be a U.S. citizen, permanent or non-permanent resident, including DACA recipients and asylum seekers.
- Must be employed, have sufficient income from another source, or have an offer of employment to start within the next 90 days.
- Acceptable income sources: Employment, spouse’s income, retirement, alimony, child support, Social Security payments and disability benefits.
- Origination fee: 0% to 7%.
- Late fee: None.
6.99-25.29%
$5K-$100K
660
LightStream is a solid option for good-credit borrowers, with no fees and a promise to beat competitors’ rates.
- Minimum credit score: 660, but can vary depending on the loan purpose and amount.
- Maximum debt-to-income ratio: 50%.
- Minimum credit history: 3 years.
- Income sources accepted: Employment, retirement, rental income, alimony, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident who is at least 18 years old and has a U.S. bank account.
- Origination fee: None.
- Late fee: None.
7.99-24.99%
$2.5K-$40K
660
With competitive rates and no origination fees, Discover personal loans are good options for borrowers with good and excellent credit.
- Minimum credit score: 660.
- Minimum annual household income: $25,000. Income can come from employment, retirement, alimony, child support, Social Security payments and disability benefits.
- Must provide a valid U.S. address and email address.
- Must be 18 years old with a valid Social Security number.
- Origination fee: None.
- Late fee: $39.
9.99-35.99%
$1K-$50K
580
Upgrade personal loans come with multiple rate discounts and offer direct payment to creditors. This lender has a low minimum credit score requirement, making the perks stand out even more.
- Minimum credit score: 580.
- Minimum number of accounts on credit history: One account.
- Maximum debt-to-income ratio: 75%, including mortgage payments.
- Minimum length of credit history: Two years.
- Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security, disability benefits and other sources.
- Origination fee: 1.85% to 9.99%.
- Late Fee: $10.
- Failed payment fee: $10.
7.80-35.99%
$1K-$50K
None
Upstart personal loans offer fast funding and may be an option for borrowers with low credit scores or thin credit histories. Upstart is a solid choice for financing large purchases.
- Must be a U.S. citizen or permanent resident living in the U.S.
- Must be at least 18 years old in most states.
- Must have a valid email address and Social Security number.
- Must have a full- or part-time job, a full-time job offer starting within six months or another source of regular income.
- Must have a personal bank account at a U.S. financial institution with a routing number.
- No bankruptcies in the last 12 months.
- No current delinquent accounts on your credit reports.
- Fewer than six hard inquiries on your credit report in the last six months, excluding student, auto and mortgage loans.
- Minimum credit score: None.
- Minimum annual income: $12,000.
- Origination: 0% to 12%.
- Late fee: 5% of the unpaid amount or $15, whichever is greater.
- Insufficient funds fee: $15.
Wells Fargo personal loans are likely a good fit for existing customers, thanks to a wide range of loan amounts and repayment terms, plus perks like pre-qualification and a rate discount.
- Must be an existing Wells Fargo customer.
- Must provide personal information, including Social Security number or individual tax identification number.
- Must provide employment and income information; documentation may be required to verify this information.
- Late fee: $39.
First Tech’s personal loans are a sound option for members who want a customizable loan with fast funding.
- Minimum credit score: 660.
- Maximum debt-to-income ratio: 50%.
- Must be a member of First Tech Federal Credit Union.
- Must provide a Social Security number and copy of your driver's license or other state-issued ID.
- Late fee: $29
Navy Federal Credit Union personal loans may be a good fit for most members, thanks to flexible amounts, consumer-friendly features and quick funding time.
- Must be a Navy Federal Credit Union member to apply.
- No minimum credit score requirement.
- Must provide personal information and contact details.
- Must provide information on income and employment.
- Origination fee: None.
- Returned payment fee: $29.
- Late fee: $29.
- Federal Express fee: $5.65.
- Certified Mail fee: $5.83.
7.99-24.99%
$5K-$50K
700
Santander personal loans may be a solid option for good- or excellent-credit borrowers looking for large loans and flexible terms, but they're not available in all states.
- Must be 18 or older.
- Must have a primary residence in a qualifying state.
- Provide a valid tax identification or Social Security number.
- Must provide proof of income.
- Minimum credit score: 700.
- Late fee: $20 or 10% of loan payment.
SoFi offers online personal loans with consumer-friendly features for good- and excellent-credit borrowers.
- Must be at least 18 years old in most states.
- Must be a U.S. citizen, permanent or non-permanent resident, including DACA recipients and asylum seekers.
- Must be employed, have sufficient income from another source, or have an offer of employment to start within the next 90 days.
- Acceptable income sources: Employment, spouse’s income, retirement, alimony, child support, Social Security payments and disability benefits.
- Origination fee: 0% to 7%.
- Late fee: None.
LightStream is a solid option for good-credit borrowers, with no fees and a promise to beat competitors’ rates.
- Minimum credit score: 660, but can vary depending on the loan purpose and amount.
- Maximum debt-to-income ratio: 50%.
- Minimum credit history: 3 years.
- Income sources accepted: Employment, retirement, rental income, alimony, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident who is at least 18 years old and has a U.S. bank account.
- Origination fee: None.
- Late fee: None.
With competitive rates and no origination fees, Discover personal loans are good options for borrowers with good and excellent credit.
- Minimum credit score: 660.
- Minimum annual household income: $25,000. Income can come from employment, retirement, alimony, child support, Social Security payments and disability benefits.
- Must provide a valid U.S. address and email address.
- Must be 18 years old with a valid Social Security number.
- Origination fee: None.
- Late fee: $39.
Upgrade personal loans come with multiple rate discounts and offer direct payment to creditors. This lender has a low minimum credit score requirement, making the perks stand out even more.
- Minimum credit score: 580.
- Minimum number of accounts on credit history: One account.
- Maximum debt-to-income ratio: 75%, including mortgage payments.
- Minimum length of credit history: Two years.
- Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security, disability benefits and other sources.
- Origination fee: 1.85% to 9.99%.
- Late Fee: $10.
- Failed payment fee: $10.
Upstart personal loans offer fast funding and may be an option for borrowers with low credit scores or thin credit histories. Upstart is a solid choice for financing large purchases.
- Must be a U.S. citizen or permanent resident living in the U.S.
- Must be at least 18 years old in most states.
- Must have a valid email address and Social Security number.
- Must have a full- or part-time job, a full-time job offer starting within six months or another source of regular income.
- Must have a personal bank account at a U.S. financial institution with a routing number.
- No bankruptcies in the last 12 months.
- No current delinquent accounts on your credit reports.
- Fewer than six hard inquiries on your credit report in the last six months, excluding student, auto and mortgage loans.
- Minimum credit score: None.
- Minimum annual income: $12,000.
- Origination: 0% to 12%.
- Late fee: 5% of the unpaid amount or $15, whichever is greater.
- Insufficient funds fee: $15.
Wells Fargo personal loans are likely a good fit for existing customers, thanks to a wide range of loan amounts and repayment terms, plus perks like pre-qualification and a rate discount.
- Must be an existing Wells Fargo customer.
- Must provide personal information, including Social Security number or individual tax identification number.
- Must provide employment and income information; documentation may be required to verify this information.
- Late fee: $39.
First Tech’s personal loans are a sound option for members who want a customizable loan with fast funding.
- Minimum credit score: 660.
- Maximum debt-to-income ratio: 50%.
- Must be a member of First Tech Federal Credit Union.
- Must provide a Social Security number and copy of your driver's license or other state-issued ID.
- Late fee: $29
Navy Federal Credit Union personal loans may be a good fit for most members, thanks to flexible amounts, consumer-friendly features and quick funding time.
- Must be a Navy Federal Credit Union member to apply.
- No minimum credit score requirement.
- Must provide personal information and contact details.
- Must provide information on income and employment.
- Origination fee: None.
- Returned payment fee: $29.
- Late fee: $29.
- Federal Express fee: $5.65.
- Certified Mail fee: $5.83.
Santander personal loans may be a solid option for good- or excellent-credit borrowers looking for large loans and flexible terms, but they're not available in all states.
- Must be 18 or older.
- Must have a primary residence in a qualifying state.
- Provide a valid tax identification or Social Security number.
- Must provide proof of income.
- Minimum credit score: 700.
- Late fee: $20 or 10% of loan payment.
Best long-term loan lenders
SoFi: Best for good credit
Minimum credit score: Undisclosed (likely good to excellent credit).
Loan amounts: $5,000 to $100,000.
Repayment terms: 2 to 7 years.
Why we chose them: SoFi’s large loan amounts, longer terms and unique perks, like free financial planning, make it a standout lender for good-credit borrowers.
» MORE: Read our SoFi review
LightStream: Best for large loans
Minimum credit score: 660.
Loan amounts: $5,000 to $100,000.
Repayment terms: 2 to 20 years, depending on loan purpose.
Why we chose them: LightStream offers loans with terms up to seven years for most borrowers. But if you need to fund a large home improvement project, you could qualify for up to 20 years.
» MORE: Read our LightStream review
Discover: Best for fast funding
Minimum credit score: 660.
Loan amounts: $2,500 to $40,000.
Repayment terms: 3 to 7 years.
Why we chose them: Discover can approve applicants the same day they apply for a long-term loan and send the funds to their account as early as the next business day.
» MORE: Read our Discover review
Upgrade: Best for multiple rate discounts
Minimum credit score: 580.
Loan amounts: $1,000 to $50,000.
Repayment terms: 2 to 7 years.
Why we chose them: Upgrade offers multiple ways to get a lower rate on a long-term loan, like setting up autopay or enrolling in another Upgrade product, such as a checking account.
» MORE: Read our Upgrade review
Upstart: Best for bad credit
Minimum credit score: None.
Loan amounts: $1,000 to $50,000.
Repayment terms: 3, 5 or 7 years.
Why we chose them: Upstart’s long-term loans are available to borrowers with bad credit scores and borrowers who don’t have enough credit history to generate a score.
» MORE: Read our Upstart review
Wells Fargo: Best for pre-qualification
Minimum credit score: Undisclosed (likely good to excellent credit).
Loan amounts: $3,000 to $100,000.
Repayment terms: 1 to 7 years.
Why we chose them: Not all banks offer pre-qualification, but Wells Fargo lets existing customers check their potential rate on a long-term loan without a hard credit pull.
» MORE: Read our Wells Fargo review
First Tech: Best for co-signed and joint loan options
Minimum credit score: 660.
Loan amounts: $500 to $50,000.
Repayment terms: 6 months to 7 years.
Why we chose them: First Tech lets borrowers add a co-signer or co-borrower to their loan application, which can help you qualify for a long-term loan.
» MORE: Read our First Tech review
Navy Federal: Best for secured loan option
Minimum credit score: None.
Loan amounts: $250 to $50,000.
Repayment terms: 1 to 15 years, depending on loan purpose.
Why we chose them: Navy Federal members can use their Navy Federal savings account or certificate of deposit to secure a long-term loan, which could help them qualify for a lower rate.
» MORE: Read our Navy Federal review
Santander: Best for debt consolidation
Minimum credit score: 700.
Loan amounts: $5,000 to $50,000.
Repayment terms: 3 to 7 years.
Why we chose them: Santander can send the loan funds directly to your creditors, which makes this lender a good fit for a long-term debt consolidation loan.
» MORE: Read our Santander review
What is a long-term personal loan?
A long-term personal loan is a loan that lets borrowers pay back the amount they owe over a longer period of time. While most unsecured personal loans have terms between one and five years, long-term personal loans carry a payback period of seven years or longer.
Depending on the amount borrowed and the purpose of the loan, some lenders may even extend terms up to 15 or 20 years. This is especially common with large home improvement loans.
How do long-term personal loans work?
Long-term personal loans work by giving borrowers seven years or longer to repay the loan.
The length of the loan term affects your monthly payment amount and the overall interest you pay. Loans with longer terms tend to charge more interest, since they represent greater risk for the lender, but the payments are smaller because they’re stretched over a longer period of time. Loans with shorter terms tend to charge less interest, but the payments are higher.
For example, if you take out a $15,000 loan with a 14% APR, here’s how the monthly payment and interest vary, based on two different loan terms:
Three-year loan | Seven-year loan | |
|---|---|---|
Monthly payment: | $513. | $281. |
Interest paid: | $3,456. | $8,612. |
Total loan cost: | $18,456. | $23,612. |
It’s usually best to choose the shortest repayment term that still has monthly payments you can afford since this saves money on interest.
When to consider a long-term personal loan
A long-term loan is ideal if you need to keep monthly payments low, and you’re confident you can make the loan payments for the full term. It can also be helpful if you’re borrowing a large sum of money and need more time to pay it back — for example, if you need to borrow $50,000 for a kitchen remodel or another major home improvement project.
» COMPARE: Best home improvement loans
You may also consider a long-term loan for debt consolidation. Before using a long-term loan to consolidate multiple debts into one simple payment, consider this: A debt consolidation loan works best if you get a lower interest rate on the loan than the combined interest rate on your existing debt, or if the loan helps you to get rid of debt faster.
For example, if it will take 10 years to pay off your credit cards, a seven-year consolidation loan may be a better option.
» COMPARE: Best debt consolidation loans
Keep in mind that your financial picture is likely to evolve in the course of seven years. Carrying a long-term debt means you might have to make trade-offs with future financial decisions.
How to get a long-term cash loan
1. Determine your borrowing amount and ideal monthly payment
If you’re planning on taking out a long-term loan, it’s important to know exactly how much cash you need to borrow. Some lenders only extend their longest terms for loan amounts of $25,000 or more.
You’ll also want to know the amount you can afford to pay each month. NerdWallet’s personal loan calculator lets you plug in different loan amounts, terms and interest rates, so you can get an idea of what type of loan best fits your budget.
2. Research lenders that offer longer terms
Not all lenders offer long-term loans. The list above is a good summary, but you can also check what terms are offered at your local credit union. Credit unions tend to be more flexible, even when borrowers have fair or bad credit (689 score or lower). You’ll need to become a member before you apply, but membership is quick and affordable at most credit unions.
Pay attention to any requirements for long-term loans, which vary by lender. In addition to larger loan amounts, some lenders require a specific loan purpose, like home improvement, to extend a longer term.
3. Pre-qualify and apply
Before applying for a long-term loan, pre-qualify with a few lenders to preview the loan offers you might receive. This helps you compare rates without hurting your credit score, so you can choose the most affordable option.
Once you’ve settled on a lender, it’s time to apply. You’ll be asked to provide personal and contact information, like proof of identification, Social Security number, address and phone number. You may also need to provide proof of employment and income.
The lender will then conduct a hard credit pull and make an approval decision. While some decisions are instantaneous, other lenders may take a few days to get back to you.
4. Get funded and prepare to make your first payment
Funding time varies by lender, but most lenders fund loans within one week, and some can even fund your loan the same day you’re approved.
Once you receive the money in your account, add the monthly payment amount to your budget and get ready for your first payment (due in about 30 days). Missing even one payment over the length of the term can hurt your credit score and result in late fees.
If you’re able to repay the loan in full earlier than you expected, you probably should — barring any other financial commitments — since you’ll save money on interest. Almost no lenders charge prepayment fees, so there’s no penalty for repaying early.
Last updated on October 15, 2024
Methodology
NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial technology companies and financial institutions. We collect over 50 data points and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
NerdWallet's Best Long-Term Personal Loans
- SoFi Personal Loan: Best for Long-term loans for good credit
- LightStream: Best for Large long-term loans
- Discover® Personal Loans: Best for Long-term loans with fast funding
- Upgrade: Best for Long-term loans with multiple rate discounts
- Upstart: Best for Long-term loans for bad credit
- Wells Fargo Personal Loan: Best for Long-term loans with pre-qualification
- First Tech Credit Union Personal Loan: Best for Co-signed and joint long-term loans
- Navy Federal Credit Union Personal Loan: Best for Secured long-term loans
- Santander Personal Loan: Best for Long-term loans for debt consolidation
