BEST OF

9 Best Long-Term Personal Loans

Long-term personal loans carry repayment terms of more than five years. Though you'll have smaller monthly payments, total interest can be higher.

By Amrita Jayakumar and  Jackie Veling 

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Most unsecured personal loans have terms between one and five years. Long-term personal loans carry longer payback periods, usually up to seven years. Some banks, online lenders and credit unions offer long-term personal loans.

Here's a summary of our picks for the best lenders that offer long-term personal loans, plus the pros and cons and when to consider one.

Best Long-Term Personal Loans

Our pick for

Long-term personal loans

SoFi
Get rate

on SoFi's website

SoFi

5.0

NerdWallet rating 
SoFi

Est. APR

7.99-23.43%

Loan amount

$5,000-$100,000

Min. credit score

None
Get rate

on SoFi's website


Min. credit score

None

Key facts

Qualified borrowers will find few lenders better than SoFi, thanks to zero fees and thoughtful perks like unemployment protection and free financial advising.

Pros

  • No fees.

  • Joint loan option.

  • Rate discount for autopay.

  • Hardship program for borrowers in need.

  • Mobile app to manage loan.

Cons

  • No option to choose initial payment date.

  • High minimum loan amount.

Qualifications

  • Must legally be an adult in your state.

  • Must be a U.S. citizen, permanent resident or visa holder.

  • Must be employed, have sufficient income or have an offer of employment to start within the next 90 days.

Available Term Lengths

2 to 7 years

Fees

  • Origination fee: None.

  • Late fee: None.

Disclaimer

Fixed rates from 7.99% APR to 23.43% APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 8/22/22 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

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Lightstream
Get rate

on LightStream's website

LightStream

5.0

NerdWallet rating 
Lightstream

Est. APR

6.99-23.99%

Loan amount

$5,000-$100,000

Min. credit score

660
Get rate

on LightStream's website


Min. credit score

660

Key facts

LightStream’s low rates and zero fees make it one of the top lenders for borrowers with good or excellent credit.

Pros

  • No fees.

  • Rate discount for autopay.

  • Long repayment terms on home improvement loans.

  • Rate Beat program and Experience Guarantee.

Cons

  • No option to pre-qualify on its website.

  • Requires several years of credit history.

  • No direct payment to creditors with debt consolidation loans.

Qualifications

  • Minimum credit score: 660.

  • Several years of credit history.

  • Multiple account types within your credit history, like credit cards, a car loan or other installment loan and a mortgage.

  • Strong payment history with few or no delinquencies.

  • Investments, retirement savings or other evidence of an ability to save money.

  • Enough income to pay existing debts and a new LightStream loan.

Available Term Lengths

2 to 7 years

Fees

  • Origination fee: None.

  • Late fee: None.

Disclaimer

Rates quoted are with AutoPay. Your loan terms are not guaranteed and may vary based on loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice). AutoPay discount is only available when selected prior to loan funding. Rates without AutoPay are 0.50% points higher. To obtain a loan, you must complete an application on LightStream.com which may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $25,000 loan at 4.98% APR with a term of 20 years would result in 240 monthly payments of $164.71. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. Truist Bank is an Equal Housing Lender. © 2022 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

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Discover
Get rate

on Discover's website

Discover® Personal Loans

5.0

NerdWallet rating 
Discover

Est. APR

6.99-24.99%

Loan amount

$2,500-$35,000

Min. credit score

660
Get rate

on Discover's website


Min. credit score

660

Key facts

Discover’s online experience, strong customer support and borrower perks make it a top lender for good- and excellent-credit applicants.

Pros

  • No origination fee.

  • Option to pre-qualify with a soft credit check.

  • Fast funding.

  • Mobile app to manage loan.

Cons

  • May charge late fee.

  • No co-sign or joint loan option.

  • No rate discount.

Qualifications

  • Minimum credit score: 660.

  • Must be at least 18 years old.

  • Must be a U.S. citizen or permanent resident.

  • Must have a minimum household income of $25,000.

Available Term Lengths

3 to 7 years

Fees

  • Origination fee: None.

  • Late fee: $39.

Disclaimer

This is not a commitment to lend from Discover Personal Loans. Your approval for a loan is determined once you apply and is based on your application information and credit history. Your APR will be between 6.99%-24.99% based upon creditworthiness at time of application for loan terms of 36-84 months. For example, if you get approved for a $15,000 loan at 10.99% APR for a term of 72 months, you'll pay just $285 per month. Our lowest rates are available to consumers with the best credit. Many factors are used to determine your rate, such as your credit history, application information and the term you select. Not all applications will be approved.

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Upgrade
Get rate

on Upgrade's website

Upgrade

5.0

NerdWallet rating 
Upgrade

Est. APR

7.96-35.97%

Loan amount

$1,000-$50,000

Min. credit score

560
Get rate

on Upgrade's website


Min. credit score

560

Key facts

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.

Pros

  • Secured and joint loans.

  • Multiple rate discounts.

  • Mobile app to manage loan payments.

  • Direct payment to creditors with debt consolidation loans.

  • Long repayment terms on home improvement loans.

Cons

  • Origination fee.

  • No option to choose your payment date.

Qualifications

  • Minimum credit score: 560.

  • Minimum number of accounts on credit history: 1 account.

  • Maximum debt-to-income ratio: 75%, including the loan you're applying for.

  • Minimum length of credit history: 2 years.

  • Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security and other sources.

Available Term Lengths

2 to 7 years

Fees

  • Origination fee: 1.85% to 8.99%.

  • Late Fee: $10.

  • Failed payment fee: $10.

Disclaimer

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.96%-35.97%. All personal loans have a 1.85% to 8.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.

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Wells Fargo Personal Loan
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on NerdWallet's secure website

Wells Fargo Personal Loan

4.5

NerdWallet rating 
Wells Fargo Personal Loan

Est. APR

5.74-20.99%

Loan amount

$3,000-$100,000

Min. credit score

None
See my rates

on NerdWallet's secure website


Min. credit score

None

Key facts

Wells Fargo personal loans come with a wide variety of loan amounts and repayment terms, making them an especially good fit for home improvement projects.

Pros

  • No origination fee.

  • Option to pre-qualify with a soft credit check.

  • Wide variety of repayment term options.

Cons

  • No co-sign or joint loan option.

  • No direct payment to creditors with debt consolidation loans.

  • Must be an existing customer.

Qualifications

  • 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.

Available Term Lengths

1 to 7 years

Fees

  • Late fee: $39.

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First Tech Credit Union Personal Loan
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on NerdWallet's secure website

First Tech Credit Union Personal Loan

5.0

NerdWallet rating 
First Tech Credit Union Personal Loan

Est. APR

6.70-18.00%

Loan amount

$500-$50,000

Min. credit score

660
See my rates

on NerdWallet's secure website


Min. credit score

660

Key facts

First Tech’s personal loans are a sound option for members who want a customizable loan with fast funding.

Pros

  • Co-sign, joint and secured loan options.

  • Direct payment to creditors with debt consolidation loans.

  • Options to choose and change your payment date.

  • Fast funding.

Cons

  • Exclusive to credit union members.

  • Reports payments to only one of the three major credit bureaus.

  • No rate discount.

Qualifications

  • Must be a member of First Tech Federal Credit Union.

  • Minimum credit score: 660.

  • Must provide Social Security number and driver's license or other state-issued ID.

  • Maximum debt-to-income ratio: 50%.

  • Minimum monthly income: $700 if living with others; $1,000 if renting; $1,500 if you own your home.

  • Minimum credit history: At least two established accounts.

Available Term Lengths

2 to 7 years

Fees

  • Origination fee: None.

  • Late fee: Varies.

  • Returned check fee: $28.

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Navy Federal Credit Union Personal Loan
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on NerdWallet's secure website

Navy Federal Credit Union Personal Loan

5.0

NerdWallet rating 
Navy Federal Credit Union Personal Loan

Est. APR

7.49-18.00%

Loan amount

$250-$50,000

Min. credit score

None
See my rates

on NerdWallet's secure website


Min. credit score

None

Key facts

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.

Pros

  • Wide range of loan amounts.

  • Fast funding.

  • Rate discount for some customers.

  • Co-sign, joint and secured loan options.

  • Direct payment to creditors with debt consolidation loans.

Cons

  • Exclusive to credit union members.

  • No option to pre-qualify with a soft credit check.

  • No option to choose or change your payment date.

Qualifications

  • Must be a Navy Federal Credit Union member to apply.

  • No minimum credit score requirement.

Available Term Lengths

1 to 5 years

Fees

  • Origination fee: None.

  • Late fee: $29.

  • Returned payment fee: $29.

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USAA Personal Loan
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on NerdWallet's secure website

USAA Personal Loan

4.5

NerdWallet rating 
USAA Personal Loan

Est. APR

8.54-17.99%

Loan amount

$2,500-$100,000

Min. credit score

None
See my rates

on NerdWallet's secure website


Min. credit score

None

Key facts

USAA offers fast personal loans to members and includes a wide range of loan amounts and terms to choose from.

Pros

  • Wide range of loan amounts.

  • Wide variety of repayment term options.

  • Fast funding.

  • Rate discount for autopay. Joint loan option.

Cons

  • Exclusive to USAA members.

  • No option to pre-qualify with a soft credit check.

  • No direct payment to creditors with debt consolidation loans.

Qualifications

  • Must be a USAA member.

Available Term Lengths

1 to 7 years

Fees

  • Origination fee: None.

  • Late fee: 5% of the loan payment.

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U.S. Bank Personal Loan
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on NerdWallet's secure website

U.S. Bank Personal Loan

4.5

NerdWallet rating 
U.S. Bank Personal Loan

Est. APR

8.99-21.49%

Loan amount

$1,000-$25,000

Min. credit score

680
See my rates

on NerdWallet's secure website


Min. credit score

680

Key facts

With minimal fees, a rate discount and fast funding, U.S. Bank is a strong option for good-credit customers.

Pros

  • Option to pre-qualify with a soft credit check.

  • Wide variety of repayment term options.

  • Rate discount for autopay.

  • Joint loan options.

Cons

  • Available in a limited number of states.

  • May require an in-person visit.

  • No direct payment to creditors with debt consolidation loans.

Qualifications

  • Minimum credit score: 680.

  • Must be 18 years or older.

  • Must provide Social Security number.

  • Must provide home address and employment information.

Available Term Lengths

1 to 7 years

Fees

  • Late fee: $29.

  • Returned payment fee: $25.

Disclaimer

This APR includes an autopay discount. As of November 22, 2022, the fixed Annual Percentage Rate (APR) ranged from 8.99% APR to 21.49% APR, and varies based on credit score, loan amount and term. Minimum loan amount is $1,000 and loan terms range from 12 to 84 months. The lowest APR in the range is available on loans of $10,000 or more with a term of 12 to 36 months, a credit score of 800 or more and includes discounts for automatic payments from a U.S. Bank or external personal checking or savings account. Automatic payments and a U.S. Bank, or external, personal checking or savings account are not required for loan approval. The Consumer Pricing Information disclosure lists fees, terms, and conditions that apply to U.S. Bank personal checking and savings accounts. This disclosure can be obtained by visiting a U.S. Bank branch or calling 800-872-2657. Loan payment example: on a $10,000 loan for 36 months, monthly payments would be $317.95 and APR of 8.99% with automatic payments from a personal checking or savings account. Maximum loan amounts may vary by credit score and location. Loan approval is subject to credit approval and program guidelines. Interest rates and program terms are subject to change without notice. Installment loans are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association. Member FDIC. Applicant must reside in AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC - limited areas, ND, OH, OR, SD, TN, UT, WA, WI, WY to be eligible for a personal loan Equal housing lender. ©2023 U.S. Bank. Loan amounts vary based on status as a U.S. Bank customer.

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Pros of taking a long-term personal loan

  • Larger loan amounts: When you want to borrow a large sum of money, perhaps for a home improvement project or to consolidate debt, lenders may give you the option of a longer term to pay the loan back.

  • Lower monthly payments: Loans with longer terms will have lower monthly payments than shorter-term loans. However, the benefit of having a longer term may be offset by a higher interest rate. Choose a monthly payment you can afford, but factor in both the interest rate and the loan term when you apply for a loan.

Cons of taking a long-term personal loan

  • Higher interest rates: Lenders may charge higher rates for long-term loans because they are considered more risky. The longer you have to pay back a loan, the greater the possibility that your money situation will change in a way that prevents you from paying back the loan as agreed.

  • More interest: Unless you pay the loan off early, you will pay more in interest over the life of the loan than you would with a shorter-term loan.

  • Your finances might change: Your financial picture is likely to evolve in the course of six to seven years. Carrying a long-term debt means you might have to make trade-offs with future financial decisions.

When to consider a long-term personal loan

A long-term loan is ideal when you’re borrowing a large sum of money and need more time to pay it back. You may need to borrow $50,000 for a major home improvement, like a kitchen remodel, and a longer term will reduce your monthly payments.

If you want a long-term loan to consolidate multiple debts into one simple payment, consider this first: 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 allows you to get rid of debt faster than your current pace.

For example, if you know it will take you 10 years to pay off your cards, a seven-year consolidation loan may be a better option. Use our debt consolidation calculator to estimate potential savings before you opt for a loan.

Where to get a long-term personal loan

Banks: Discover, Wells Fargo, USAA and U.S. Bank offer loan terms up to seven years. If you have a good relationship with your bank, you may be able to qualify for other benefits, like lower rates or larger loan amounts. Banks typically look for borrowers with good credit (690 credit score or higher).

Credit unions: First Tech Federal Credit Union offers loan terms up to seven years, while Navy Federal Credit Union offers up to 15 years for home improvement loans. Credit union personal loans tend to have low rates and flexible loan features. Though you’ll first need to join the credit union before applying for a loan, most credit unions consider fair- and bad-credit borrowers (689 credit score or lower).

Online lenders: Only a handful of online lenders offer longer loan terms, including LightStream, SoFi and Upgrade. These lenders cater to borrowers with good credit, with the exception of Upgrade, which accepts borrowers with bad credit (629 credit score or lower). Online loans are fast and convenient, and borrowers usually receive the funds within a few days.

Next steps: Check rates on long-term personal loans

To get a long-term personal loan, you’ll first want to pre-qualify with a few lenders. Pre-qualifying gives you a preview of the loan offers you might receive, without hurting your credit score.

You can pre-qualify with lenders on NerdWallet to see if you're approved for a loan, and if so, at what rate. Once you’ve pre-qualified and compared offers, you can apply for the loan.

Last updated on December 21, 2022

Methodology

NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial institutions. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. 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. 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.

This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.

To recap our selections...

NerdWallet's Best Long-Term Personal Loans