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3 Long-Term Loans for All Credit Types

A long-term loan could help keep your monthly payments low, but you’ll likely end up paying more in interest over time, too.

Lindsay VanSomeren Lindsay VanSomeren Edited by Ashley Harrison Updated January 6, 2023

long-term-personal-loans

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

A long-term loan is generally considered to be a loan with a repayment term longer than five years. Compared to other types of loans, long-term loans could be a good option if you need to borrow a large amount of money and want to keep your monthly payments low.

If you’re considering long-term loans, here’s what you should know:

  • 3 long-term loans for all credit types
  • How to get a long-term personal loan
  • Pros of long-term loans
  • Cons of long-term loans
  • How to qualify for a long-term personal loan with bad credit
  • Alternatives to long-term personal loans

3 long-term loans for all credit types

If you’re looking for a long-term low interest personal loan, an online lender could be a good choice. Here are Credible’s partner lenders that offer long-term loans:

LenderFixed ratesLoan amountsMin. credit scoreLoan terms (years)


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
6.99% - 24.99% APR $2,500 to $35,0006603, 4, 5, 6, 7
  • Fixed APR: 6.99% - 24.99% APR
  • Min. credit score: 660
  • Loan amount: $2,500 to $35,000
  • Loan terms (years): 3, 4, 5, 6, 7
  • Time to fund: As soon as the next business day after acceptance
  • Fees: Late fee
  • Discounts: None
  • Eligibility:  Available in all 50 states
  • Customer service: Phone
  • Soft credit check: Yes
  • Loan Uses: Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
5.99% - 23.99% APR $5,000 to $100,0006602, 3, 4, 5, 6, 7
(up to 12 years for home improvement loans)
  • Fixed APR: 5.99% - 23.99% APR
  • Min. credit score: 660
  • Loan amount: $5,000 to $100,000
  • Loan terms (years): 2, 3, 4, 5, 6, 7*
  • Time to fund: As soon as the same business day
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except RI and VT
  • Customer service: Phone, email
  • Soft credit check: No
  • Loan servicer: LightStream
  • Min. Income: Does not disclose
  • Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
7.99% - 23.43% APR10 $5,000 to $100,000Does not disclose2, 3, 4, 5, 6, 7
  • Fixed APR: 7.99% - 23.43% APR10
  • Min. credit score: Does not disclose
  • Loan amount: $5,000 to $100,000
  • Loan terms (years): 2, 3, 4, 5, 6, 7
  • Time to fund: 3 business days
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except MS
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: Does not disclose
  • Loan Uses: Solely for personal, family, or household uses
Compare rates from these lenders without affecting your credit score. 100% free!

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All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | 10SoFi Disclosures | Read more about Rates and Terms

Discover

Discover could be a good choice if you’re looking to borrow only a small amount — with Discover, you can borrow anywhere from $2,500 to $35,000. You’ll generally need good to excellent credit to qualify for a personal loan from Discover.

LightStream

You can borrow $5,000 to $100,000 with LightStream, making it a good option for funding large projects, such as home repairs and renovations. While most LightStream loans come with terms ranging from two to seven years, you might have up to 12 years to repay LightStream home improvement loans.

SoFi

If you’re looking for a large loan — such as a $100,000 personal loan — SoFi could be a good choice. SoFi personal loans range from $5,000 to $100,000. Taking out a loan with SoFi will also get you perks such as unemployment protection and career coaching.

Learn More: Where to Get a Personal Loan

How to get a long-term personal loan

If you’re ready to apply for a long-term personal loan, follow these four steps:

  1. Shop around and compare lenders. Be sure to compare as many lenders as possible to find the right loan for you. Remember to consider not only interest rates but also repayment terms and any fees charged by the lender.
  2. Choose the loan option you like most. After comparing lenders, pick the loan option that best fits your needs.
  3. Fill out the application. Once you’ve decided on the lender, you’ll need to complete a full application and submit any required documentation, such as pay stubs or bank statements.
  4. Get your funds. If you’re approved, you’ll need to sign for the loan so the lender can send you the money. The time to fund for personal loans is typically about a week — though some lenders might get you your money in as little as one business day.

Remember to consider as many lenders as you can to find the right loan for your needs. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.

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Check Out: Loan vs. Credit Card

Pros of long-term loans

  • Could have lower monthly payments
  • Might be able to borrow a larger amount of money

Learn More: $20,000 Loan

Cons of long-term loans

  • Could be harder to qualify for if you have poor or fair credit
  • Typically come with higher interest rates (plus you’ll pay more in interest over time)
  • You’ll be in debt for a longer period of time, which could make it harder to qualify for other credit
Tip: While a long-term loan might seem like a good idea because of the lower monthly payments, you’ll pay a higher overall loan cost. If you want to keep your overall costs lower, it’s usually a better idea to choose the shortest term you can afford.

For example, say you get a $25,000 loan. Here’s how the costs would break down depending on the term you choose:

3-year loan5-year loan7-year loan
APR4.44%4.94%5.39%
Monthly payment$743$471$358
Total interest paid$1,748$3,266$5,068
Total amount paid$26,748$28,265$30,067

While you’d save $385 per month with the seven-year loan, you’d also pay $3,319 more in interest over time compared to the three-year loan. Before you borrow, estimate how much you’ll pay for a loan using our personal loan calculator below.

Enter your loan information to calculate how much you could pay

? Enter the total amount borrowed $
? Enter your annual interest rate %
or
? Enter the amount of time you have to repay your loan years
Total Payment $
Total Interest $
Monthly Payment $

With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan.


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Check Out: $50,000 Personal Loan

How to qualify for a long-term personal loan with bad credit

You’ll typically need good to excellent credit to qualify for a personal loan with a long repayment term. A credit score of 700 or higher is generally considered good.

If you have a lower credit score, getting approved for a long-term personal loan could be a challenge.

However, there are some lenders that offer loans for bad credit — just keep in mind that these will likely come with higher interest rates.

Tip: If you can’t qualify for a long-term loan on your own, adding a creditworthy cosigner to your application could help. While not all lenders offer cosigned personal loans, some do.

Even if you don’t need a cosigner to get approved for a loan, having one could get you a lower interest rate than you’d qualify for on your own.

Learn More:

  • Fair Credit Personal Loans
  • Personal Loans With 550 Credit Score: Can I Get One?

Alternatives to long-term personal loans

If you need to borrow money, long-term loans aren’t your only option. Here are a few other choices to consider:

ProsCons
Credit card
  • Might be able to get a 0% APR introductory offer
  • Can borrow money as needed
  • Might come with higher interest rates
  • Can be tempting to rack up debt
Home equity loan
  • Might come with lower interest rates
  • No restrictions on how you use the funds
  • Could lose your home if you default on the loan
  • Closing costs and fees can add to overall loan cost
Cash-out refinancing
  • Could come with lower interest rates
  • Might be able to get a larger amount of cash, depending on how much equity you have in your home
  • Could lose your home if you default on the loan
  • Can take a longer time to apply and get approved

Ready to find your personal loan?
Credible makes it easy to find the right loan for you.

  • Free to use, no hidden fees
  • One simple form, easy to fill out and your info is protected
  • More options, pick the loan option that best fits your personal needs
  • Here for you. Our team is here to help you reach your financial goals

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Checking rates won’t affect your credit

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Keep Reading: Personal Line of Credit vs. Personal Loan


About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 5.40%-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 10%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.

About the author
Lindsay VanSomeren
Lindsay VanSomeren

Lindsay VanSomeren specializes in credit and loans. Her work has appeared on Credit Karma, Forbes Advisor, LendingTree, and more.

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Home » All » Personal Loans » 3 Long-Term Loans for All Credit Types

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