Banks, online lenders and credit unions offer personal loans with repayment terms of seven years or more. Pre-qualify to compare loan offers from multiple lenders.
Checking rates is free and won't impact your credit score.
Best for long-term loans for good credit
2025 NerdWallet award winner
8.74 - 35.49%
$5K - $100K
None
2 to 7 years
Best for large long-term loans
2025 NerdWallet award winner
6.49 - 24.89%
$5K - $100K
660
2 to 7 years
Best for long-term loans with fast funding
2025 NerdWallet award winner
7.99 - 24.99%
$2.5K - $40K
660
3 to 7 years
Best for long-term loans with multiple rate discounts
2025 NerdWallet award winner
7.74 - 35.99%
$1K - $50K
600
2 to 7 years
Best for secured long-term loans
7.89 - 18.00%
$500 - $50K
None
6 months to 7 years
Best for long-term loans from a bank
6.74 - 26.74%
$3K - $100K
None
1 to 7 years
Best for long-term joint loans
2025 NerdWallet award winner
7.90 - 35.99%
$1K - $60K
600
2 to 7 years
Best for long-term loans for existing customers
8.74 - 24.99%
$1K - $50K
680
1 to 7 years
Our team of consumer lending experts follows an objective and robust methodology to rate lenders and pick the best.
30+
Lenders reviewed
We review over 35 lenders, including major banks, top credit unions, leading digital platforms, and high interest installment lenders operating across multiple states.
25+
Categories assessed
Each lender is evaluated across five weighted categories and 27 subcategories, covering affordability, eligibility, consumer experience, flexibility, and application process.
60+
Data points analyzed
Our team tracks and reassesses hundreds of data points annually, including APR ranges, fees, credit requirements, and borrower tools, ensuring up to date, accurate comparisons.
We evaluate more categories than competitors and carefully weigh how each factor impacts your experience.
NerdWallet’s review process evaluates and rates personal loan products from more than 30 financial technology companies and financial institutions. We collect over 60 data points 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.
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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 have repayment terms longer than five years.
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.
» COMPARE: Best home improvement 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 more affordable.
Large loan amounts: With a longer-term loan you may get loan amount up to $50,000 — in some cases, as high as $100,000. This can help you finance a particularly large expense you wouldn’t be able to afford with a shorter term.
You’ll have a long financial commitment: Your financial picture will likely change over five 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. |
» MORE: How to choose the best personal loan term length
A long-term personal loan could make sense if:
You want to minimize monthly payments. 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.
You’re borrowing for a major expense. Personal loans with longer terms can 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’re paying off high-interest debt. 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
A long-term personal loan may not be the best financing option if:
You want to minimize total interest payments. Borrowing over a longer term is more expensive because you’re paying interest over a longer period. Lenders also tend to charge higher rates due to the increased risk of default over long repayment terms.
Your income fluctuates significantly. If your income varies – say, because you’re self-employed, you’re paid in tips or your work is seasonal – be cautious about taking on long-term debt. If you miss payments because your financial situation changes, you could hurt your credit score and have difficulty borrowing in the future.
You’re not sure how much you need to borrow. Because you pay interest on the full amount you borrow, a long-term personal loan isn’t a great option if you’re not sure how much money you need. A personal line of credit, which is a line of revolving credit that you can borrow against up to a limit and repay multiple times, is often a better alternative when you’re uncertain about the amount you need. You’ll only pay interest on the amount you spend and carry over as a balance from month to month.
Your credit score is a key factor in determining whether you’re approved for a loan, as well as your interest rate and how much you can borrow. You can check your credit score for free using NerdWallet.
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.
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 the 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.
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.
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
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.
Your lender may allow you to extend the length of your personal loan by refinancing the loan. You may also be able to extend your term length if your lender offers hardship relief to struggling borrowers, though approval is usually on a case-by-case basis.
It’s possible to get a 10-year personal loan, but to get a longer repayment, you may need to use the money for a specific purpose, like a home improvement project. Many lenders have a maximum repayment term of seven years.
A long-term loan could be a good idea if you need to borrow for a major expense and you want low monthly payments. Make sure you know how much interest you’ll pay overall and that you’re comfortable with the long-term financial commitment.
