6 Best Long-Term Personal Loans
Long-term personal loans carry repayment terms of more than five years. A benefit is smaller monthly payments, but rates can be higher.
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Most unsecured personal loans have terms that are between one and five years. Long-term personal loans are those that 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.
Most unsecured personal loans have terms that are between one and five years. Long-term personal loans are those that 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
Lender | NerdWallet Rating | Est. APR | Loan amount | Min. credit score | Learn More |
---|---|---|---|---|---|
![]() SoFi Get rate on SoFi's website | Best for Long-term personal loans | 6.99- | $5,000- | 680 | Get rate on SoFi's website |
Marcus by Goldman Sachs Get rate on Goldman Sachs's website | Best for Long-term personal loans | 6.99- | $3,500- | 660 | Get rate on Goldman Sachs's website |
LightStream Get rate on LightStream's website | Best for Long-term personal loans | 4.99- | $5,000- | 660 | Get rate on LightStream's website |
Discover® Personal Loans Get rate on Discover's website | Best for Long-term personal loans | 5.99- | $2,500- | 720 | Get rate on Discover's website |
![]() Wells Fargo Personal Loan See my rates on NerdWallet's secure website | Best for Long-term personal loans | 5.74- | $3,000- | None | See my rates on NerdWallet's secure website |
![]() USAA Personal Loan See my rates on NerdWallet's secure website | Best for Long-term personal loans | 7.24- | $2,500- | None | See my rates on NerdWallet's secure website |
Our picks for
Long-term personal loans

on NerdWallet's secure website
Wells Fargo Personal Loan

Est. APR
5.74-Loan amount
$3,000-Min. credit score
Noneon NerdWallet's secure website

on NerdWallet's secure website
USAA Personal Loan

Est. APR
7.24-Loan amount
$2,500-Min. credit score
Noneon NerdWallet's secure website
» MORE: Find an unsecured personal loan
Pros of taking a long-term personal loan
Larger loan amounts: When you want to borrow a large sum of money for, say, home improvements or medical procedures, lenders may give you the option of a longer term to pay the loan back.
Lower monthly payments: For the same amount borrowed, 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 kitchen remodel, for example, and a longer term will reduce your monthly payments. As with all personal loans, you can use the funds for almost any purpose.
If you want a long-term loan to consolidate your 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.
» MORE: Best debt consolidation loans
Where to get a long-term personal loan
Banks: Discover, USAA and Wells Fargo offer loan terms up to seven years. Bank loans may offer existing customers in good standing benefits like lower rates or larger loan amounts.
Credit unions: Credit unions are a good first option for personal loans because they have low rates and flexible loan features. You have to join the credit union, and they typically run a hard credit pull when you apply, without a pre-qualification option. (A hard pull temporarily knocks a few points off your credit score.)
Both First Tech Federal Credit Union and Navy Federal Credit Union allow loan terms of up to seven years. Navy Federal has home improvement loans with terms of up to 15 years. Neither credit union has a required minimum credit score.
Online lenders: Online loans are fast and convenient. Only a handful of online lenders offer longer loan terms, including LightStream, Marcus by Goldman Sachs and SoFi. These lenders cater to good-credit borrowers.
Next steps: Check rates on loans
First, learn how to pre-qualify for a personal loan and how it impacts your credit. You can pre-qualify with multiple lenders on NerdWallet to see if you're approved for a loan on your own and, if so, at what rate.
Last updated on July 31, 2021
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
- SoFi: Best for Long-term personal loans
- Marcus by Goldman Sachs: Best for Long-term personal loans
- LightStream: Best for Long-term personal loans
- Discover® Personal Loans: Best for Long-term personal loans
- Wells Fargo Personal Loan: Best for Long-term personal loans
- USAA Personal Loan: Best for Long-term personal loans