10 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 costs can be higher.
Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. This does not influence our product evaluations or star ratings.
Most unsecured personal loans have terms between one and five years. Long-term personal loans carry longer payback periods, up to seven years or longer. 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, when to consider one and where to get one.
- 35+ personal loans reviewed and rated by our team of experts.
- 20+ years of combined experience covering personal loans and financial topics.
- Objective, comprehensive star rating system assessing 20+ categories and 70+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
- 35+ personal loans reviewed and rated by our team of experts.
- 20+ years of combined experience covering personal loans and financial topics.
- Objective, comprehensive star rating system assessing 20+ categories and 70+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
10 Best Long-Term Personal Loans
8.99-29.99%
$5K-$100K
None
Qualified borrowers will find few lenders better than SoFi, thanks to features like extended loan terms, rate discounts and joint loans.
- 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.
- Origination fee: 0% to 7%.
- Late fee: None.
7.99-24.99%
$2.5K-$40K
660
With competitive rates and no origination fees, Discover personal loans are good options for borrowers with good and excellent credit.
- Minimum credit score: 660.
- Minimum annual household income: $25,000. Income can come from employment, retirement, alimony, child support, Social Security payments and disability benefits.
- Must provide a valid U.S. address and email address.
- Must be 18 years old with a valid Social Security number.
- Origination fee: None.
- Late fee: $39.
8.49-35.99%
$1K-$50K
580
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.
- 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.
- Origination fee: 1.85% to 9.99%.
- Late Fee: $10.
- Failed payment fee: $10.
7.80-35.99%
$1K-$50K
None
- 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.
- Origination: 0% to 12%.
- Late fee: 5% of the unpaid amount or $15, whichever is greater.
- Insufficient funds fee: $15.
First Tech’s personal loans are a sound option for members who want a customizable loan with fast funding.
- Must be a First Tech Federal Credit Union member to apply.
- Minimum credit score: 660.
- Maximum debt-to-income ratio: 50%.
- Must provide Social Security number.
- Must provide state-issued identification, like a driver's license.
- Must provide contact details.
- Late fee: $25.
Santander personal loans may be a good option for excellent-credit borrowers looking for large loans and flexible terms, but they're available in a limited number of states.
- Must be 18 or older.
- Must have a primary residence in a qualifying state.
- Minimum credit score: 700; average score is 730.
- Minimum credit history: 12 months and 1 account.
- Minimum annual income: None; borrower average is $100,000.
- Maximum debt-to-income: 75%; borrower average is 42%.
- Late fee: $20 or 10% of loan payment.
6.99-25.49%
$5K-$100K
660
LightStream is a solid option for good-credit borrowers, with no fees and low rates that vary based on loan purpose.
- 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.
- Origination fee: None.
- Late fee: None.
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.
- 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.
- Late fee: $39.
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.
- 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.
- Origination fee: None.
- Returned payment fee: $29.
- Late fee: $29.
- Federal Express fee: $5.65.
- Certified Mail fee: $5.83.
With a wide range of loan amounts and terms plus fast funding, U.S. Bank is a strong option for customers, but non-customers may find better loans elsewhere.
- Minimum credit score: 660.
- Must be 18 years or older.
- Must provide Social Security number.
- Must provide home address and employment information.
- Late fee: $29.
- Returned payment fee: $25.
Qualified borrowers will find few lenders better than SoFi, thanks to features like extended loan terms, rate discounts and joint loans.
- 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.
- Origination fee: 0% to 7%.
- Late fee: None.
With competitive rates and no origination fees, Discover personal loans are good options for borrowers with good and excellent credit.
- Minimum credit score: 660.
- Minimum annual household income: $25,000. Income can come from employment, retirement, alimony, child support, Social Security payments and disability benefits.
- Must provide a valid U.S. address and email address.
- Must be 18 years old with a valid Social Security number.
- Origination fee: None.
- Late fee: $39.
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.
- 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.
- Origination fee: 1.85% to 9.99%.
- Late Fee: $10.
- Failed payment fee: $10.
- 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.
- Origination: 0% to 12%.
- Late fee: 5% of the unpaid amount or $15, whichever is greater.
- Insufficient funds fee: $15.
First Tech’s personal loans are a sound option for members who want a customizable loan with fast funding.
- Must be a First Tech Federal Credit Union member to apply.
- Minimum credit score: 660.
- Maximum debt-to-income ratio: 50%.
- Must provide Social Security number.
- Must provide state-issued identification, like a driver's license.
- Must provide contact details.
- Late fee: $25.
Santander personal loans may be a good option for excellent-credit borrowers looking for large loans and flexible terms, but they're available in a limited number of states.
- Must be 18 or older.
- Must have a primary residence in a qualifying state.
- Minimum credit score: 700; average score is 730.
- Minimum credit history: 12 months and 1 account.
- Minimum annual income: None; borrower average is $100,000.
- Maximum debt-to-income: 75%; borrower average is 42%.
- Late fee: $20 or 10% of loan payment.
LightStream is a solid option for good-credit borrowers, with no fees and low rates that vary based on loan purpose.
- 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.
- Origination fee: None.
- Late fee: None.
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.
- 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.
- Late fee: $39.
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.
- 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.
- Origination fee: None.
- Returned payment fee: $29.
- Late fee: $29.
- Federal Express fee: $5.65.
- Certified Mail fee: $5.83.
With a wide range of loan amounts and terms plus fast funding, U.S. Bank is a strong option for customers, but non-customers may find better loans elsewhere.
- Minimum credit score: 660.
- Must be 18 years or older.
- Must provide Social Security number.
- Must provide home address and employment information.
- Late fee: $29.
- Returned payment fee: $25.
» MORE: Best unsecured personal loans
Pros and cons of long-term personal loans
Pros
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 offer the option of a longer term to pay the loan back.
Lower monthly payments: Loans with longer terms 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 an affordable monthly payment, but factor in both the interest rate and the loan term when applying for a loan.
Cons
Higher interest rates: Lenders may charge higher rates for long-term loans because they are considered riskier than shorter-term loans. This is because the longer you have to pay back a loan, the greater the possibility that your money situation will change in a way that prevents repayment.
More interest paid: 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 or 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 if you need to keep monthly payments low. 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.
» MORE: Compare home improvement loans
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. Use our debt consolidation calculator to estimate potential savings before opting for a loan.
» MORE: Best debt consolidation loans
Where to get a long-term personal loan
Banks: Discover, Wells Fargo, USAA, Santander and U.S. Bank offer loan terms up to seven years, though you may need to be an existing customer to qualify. Customers who have good relationships with their banks may see other benefits, like lower rates or larger loan amounts. Bank loans typically go to borrowers with good credit (score of 690 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 need to join the credit union before applying for a loan. Most credit unions consider fair- and bad-credit borrowers (score of 689 or lower).
Online lenders: Only a handful of online lenders offer longer loan terms, including LightStream, SoFi, Upgrade and Upstart. LightStream and SoFi cater to borrowers with good credit, while Upgrade and Upstart accept borrowers with fair or 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
Before applying for a long-term personal loan, pre-qualify with a few lenders to preview 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 May 23, 2024
Methodology
NerdWallet’s review process evaluates and rates personal loan products from more than 35 technology companies and financial institutions. We collect over 50 data points from each lender and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. 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. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. 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.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
NerdWallet's Best Long-Term Personal Loans
- SoFi Personal Loan: Best for Long-term personal loans
- LightStream: Best for Long-term personal loans
- Discover® Personal Loans: Best for Long-term personal loans
- Upgrade: Best for Long-term personal loans
- Upstart: Best for Long-term personal loans
- Wells Fargo Personal Loan: Best for Long-term personal loans
- First Tech Credit Union Personal Loan: Best for Long-term personal loans
- Navy Federal Credit Union Personal Loan: Best for Long-term personal loans
- U.S. Bank Personal Loan: Best for Long-term personal loans
- Santander Personal Loan: Best for Long-term personal loans
