9 Best Long-Term Personal Loans

Key facts

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.

Key facts

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.

Key facts

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.

Key facts

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/.

Key facts

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.

Key facts

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.

Key facts

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.

Key facts

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.

Key facts

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.