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:

It’s usually best to choose the shortest repayment term that still has monthly payments you can afford since this saves money on interest.

» MORE: How to choose the best personal loan term length

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.

» COMPARE: Pre-qualify with multiple lenders for free on NerdWallet

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.

» MORE: How to successfully manage your personal loan