SoFi Personal Loan: Best for long-term loans for good credit
Qualifications:
Key Facts:SoFi offers online personal loans with consumer-friendly features for good- and excellent-credit borrowers.
Qualifications:- Must be at least 18 years old in most states.
- Must be a U.S. citizen, permanent or non-permanent resident, including DACA recipients and asylum seekers.
- Must be employed, have sufficient income from another source, or have an offer of employment to start within the next 90 days.
- Acceptable income sources: Employment, spouse’s income, retirement, alimony, child support, Social Security payments and disability benefits.
Available Term Lengths:2 to 7 yearsFees:- Origination fee: 0% to 7%.
- Late fee: None.
LightStream: Best for large long-term loans
Qualifications:
Key Facts:LightStream is a solid option for good-credit borrowers, with no fees and a promise to beat competitors’ rates.
Qualifications:- Minimum credit score: 660, but can vary depending on the loan purpose and amount.
- Maximum debt-to-income ratio: 50%.
- Minimum credit history: 3 years.
- Income sources accepted: Employment, retirement, rental income, alimony, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident who is at least 18 years old and has a U.S. bank account.
Available Term Lengths:2 to 7 yearsFees:- Origination fee: None.
- Late fee: None.
Upgrade: Best for long-term loans with multiple rate discounts
Qualifications:
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.
Qualifications:- Minimum credit score: 580.
- Minimum number of accounts on credit history: One account.
- Maximum debt-to-income ratio: 75%, including mortgage payments.
- Minimum length of credit history: Two years.
- Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security, disability benefits and other sources.
Available Term Lengths:2 to 7 yearsFees:- Origination fee: 1.85% to 9.99%.
- Late Fee: $10.
- Failed payment fee: $10.
Upstart: Best for long-term loans for bad credit
Qualifications:
Key Facts:Upstart personal loans offer fast funding and may be an option for borrowers with low credit scores or thin credit histories. Upstart is a solid choice for financing large purchases.
Qualifications:- Must be a U.S. citizen or permanent resident living in the U.S.
- Must be at least 18 years old in most states.
- Must have a valid email address and Social Security number.
- Must have a full- or part-time job, a full-time job offer starting within six months or another source of regular income.
- Must have a personal bank account at a U.S. financial institution with a routing number.
- No bankruptcies in the last 12 months.
- No current delinquent accounts on your credit reports.
- Fewer than six hard inquiries on your credit report in the last six months, excluding student, auto and mortgage loans.
- Minimum credit score: None.
- Minimum annual income: $12,000.
Available Term Lengths:3 to 5 yearsFees:- Origination: 0% to 12%.
- Late fee: 5% of the unpaid amount or $15, whichever is greater.
- Insufficient funds fee: $15.
First Tech Credit Union Personal Loan: Best for co-signed and joint long-term loans
Qualifications:
Key Facts:First Tech’s personal loans are a sound option for members who want a customizable loan with fast funding.
Qualifications:- Minimum credit score: 660.
- Maximum debt-to-income ratio: 50%.
- Must be a member of First Tech Federal Credit Union.
- Must provide a Social Security number and copy of your driver's license or other state-issued ID.
Available Term Lengths:6 months to 7 yearsFees:- Late fee: $29
Wells Fargo Personal Loan: Best for long-term loans from a bank
Qualifications:
Key Facts:Wells Fargo personal loans are likely a good fit for existing customers, thanks to a wide range of loan amounts and repayment terms, plus perks like pre-qualification and a rate discount.
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 yearsFees:- Late fee: $39.
Navy Federal Credit Union Personal Loan: Best for secured long-term loans
Qualifications:
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.
Qualifications:- Must be a Navy Federal Credit Union member to apply.
- No minimum credit score requirement.
- Must provide personal information and contact details.
- Must provide information on income and employment.
Available Term Lengths:1 to 5 yearsFees:- Origination fee: None.
- Returned payment fee: $29.
- Late fee: $29.
- Federal Express fee: $5.65.
- Certified Mail fee: $5.83.
SoFi Personal Loan: Best for long-term loans for good credit
Qualifications:
Key Facts:SoFi offers online personal loans with consumer-friendly features for good- and excellent-credit borrowers.
Qualifications:- Must be at least 18 years old in most states.
- Must be a U.S. citizen, permanent or non-permanent resident, including DACA recipients and asylum seekers.
- Must be employed, have sufficient income from another source, or have an offer of employment to start within the next 90 days.
- Acceptable income sources: Employment, spouse’s income, retirement, alimony, child support, Social Security payments and disability benefits.
Available Term Lengths:2 to 7 yearsFees:- Origination fee: 0% to 7%.
- Late fee: None.
LightStream: Best for large long-term loans
Qualifications:
Key Facts:LightStream is a solid option for good-credit borrowers, with no fees and a promise to beat competitors’ rates.
Qualifications:- Minimum credit score: 660, but can vary depending on the loan purpose and amount.
- Maximum debt-to-income ratio: 50%.
- Minimum credit history: 3 years.
- Income sources accepted: Employment, retirement, rental income, alimony, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident who is at least 18 years old and has a U.S. bank account.
Available Term Lengths:2 to 7 yearsFees:- Origination fee: None.
- Late fee: None.
Upgrade: Best for long-term loans with multiple rate discounts
Qualifications:
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.
Qualifications:- Minimum credit score: 580.
- Minimum number of accounts on credit history: One account.
- Maximum debt-to-income ratio: 75%, including mortgage payments.
- Minimum length of credit history: Two years.
- Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security, disability benefits and other sources.
Available Term Lengths:2 to 7 yearsFees:- Origination fee: 1.85% to 9.99%.
- Late Fee: $10.
- Failed payment fee: $10.
Upstart: Best for long-term loans for bad credit
Qualifications:
Key Facts:Upstart personal loans offer fast funding and may be an option for borrowers with low credit scores or thin credit histories. Upstart is a solid choice for financing large purchases.
Qualifications:- Must be a U.S. citizen or permanent resident living in the U.S.
- Must be at least 18 years old in most states.
- Must have a valid email address and Social Security number.
- Must have a full- or part-time job, a full-time job offer starting within six months or another source of regular income.
- Must have a personal bank account at a U.S. financial institution with a routing number.
- No bankruptcies in the last 12 months.
- No current delinquent accounts on your credit reports.
- Fewer than six hard inquiries on your credit report in the last six months, excluding student, auto and mortgage loans.
- Minimum credit score: None.
- Minimum annual income: $12,000.
Available Term Lengths:3 to 5 yearsFees:- Origination: 0% to 12%.
- Late fee: 5% of the unpaid amount or $15, whichever is greater.
- Insufficient funds fee: $15.
First Tech Credit Union Personal Loan: Best for co-signed and joint long-term loans
Qualifications:
Key Facts:First Tech’s personal loans are a sound option for members who want a customizable loan with fast funding.
Qualifications:- Minimum credit score: 660.
- Maximum debt-to-income ratio: 50%.
- Must be a member of First Tech Federal Credit Union.
- Must provide a Social Security number and copy of your driver's license or other state-issued ID.
Available Term Lengths:6 months to 7 yearsFees:- Late fee: $29
Wells Fargo Personal Loan: Best for long-term loans from a bank
Qualifications:
Key Facts:Wells Fargo personal loans are likely a good fit for existing customers, thanks to a wide range of loan amounts and repayment terms, plus perks like pre-qualification and a rate discount.
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 yearsFees:- Late fee: $39.
Navy Federal Credit Union Personal Loan: Best for secured long-term loans
Qualifications:
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.
Qualifications:- Must be a Navy Federal Credit Union member to apply.
- No minimum credit score requirement.
- Must provide personal information and contact details.
- Must provide information on income and employment.
Available Term Lengths:1 to 5 yearsFees:- Origination fee: None.
- Returned payment fee: $29.
- Late fee: $29.
- Federal Express fee: $5.65.
- Certified Mail fee: $5.83.
Best long-term personal loan lenders
Lender | Minimum credit score | Loan amounts | Repayment terms |
|---|---|---|---|
Undisclosed (likely good to excellent credit). | $5,000 to $100,000. | 2 to 7 years. | |
660. | $5,000 to $100,000. | 2 to 20 years, depending on loan purpose. | |
580. | $1,000 to $50,000. | 2 to 7 years. | |
None. | $1,000 to $50,000. | 3, 5 or 7 years. | |
660. | $500 to $50,000. | 6 months to 7 years. | |
Undisclosed (likely good to excellent credit). | $3,000 to $100,000. | 1 to 7 years. | |
None. | $250 to $50,000. | 1 to 15 years, depending on loan purpose. |
What are long-term personal loans?
Long-term personal loans are loans that let you pay back the amount you owe over a longer period of time. While most unsecured personal loans have terms between one and five years, long-term personal loans are seven years or longer.
Depending on the amount borrowed and the purpose of the loan, some lenders may even extend repayment terms up to 15 or 20 years. This is especially common with large home improvement loans.
It’s usually best to choose the shortest repayment term that still has monthly payments you can afford since this saves money on interest.
Pros and cons of long-term personal loans
Pros of long-term loans
You’ll have smaller monthly payments: Because you have a longer period of time to repay the loan, you don’t have to pay as much each month, which keeps the monthly payments affordable.
You can cover larger expenses: Long-term loans come with amounts up to $50,000 — in some cases, as high as $100,000 — which can help you cover a particularly large expense you wouldn’t be able to afford otherwise.
Cons of long-term loans
You’ll have a long financial commitment: Your financial picture will likely change over seven years or more. Carrying a long-term debt means you might have to make trade-offs with future financial decisions, like building up your emergency fund or saving for a down payment.
You’ll pay more interest: Loans with longer terms typically charge more interest, since they represent greater risk for the lender. Paying more interest means your loan costs more compared to a shorter-term loan.
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:
Three-year loan | Seven-year loan | |
|---|---|---|
Monthly payment: | $513. | $281. |
Interest paid: | $3,456. | $8,612. |
Total loan cost: | $18,456. | $23,612. |
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 lenders for a $50,000 loan
You may also consider a long-term loan for debt consolidation. A debt consolidation loan works best if you get a lower interest rate on the loan than the average interest rate on your existing debts, 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
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 (any score between 300 to low 600s). 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.
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.
It’s a good idea to repay the loan early if you’re able to, since you’ll save money on interest. Almost no lenders charge prepayment fees, so there’s no penalty for repaying early.
Last updated on July 16, 2025
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NerdWallet's Best Long-Term Personal Loans
- SoFi Personal Loan: Best for long-term loans for good credit
- LightStream: Best for large long-term loans
- Upgrade: Best for long-term loans with multiple rate discounts
- Upstart: Best for long-term loans for bad credit
- First Tech Credit Union Personal Loan: Best for co-signed and joint long-term loans
- Wells Fargo Personal Loan: Best for long-term loans from a bank
- Navy Federal Credit Union Personal Loan: Best for secured long-term loans
