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What to know

Home improvement projects can be expensive, and a longer loan term can help you fit a large loan into your budget. With LightStream, you can borrow up to $100,000 and have up to 240 months to pay it back.

General personal loans from LightStream come with shorter terms (84 months max). That’s still longer than many lenders. However, LightStream doesn’t offer prequalification. That means you’ll have to take a hard credit hit to see if you’re eligible.

How to qualify

Pros & Cons Table

Pros	Cons
Stable, fixed monthly payment. The predictability of a home equity loan's payments can make budgeting easier. Tax benefits. The interest you pay may be tax-deductible if the loan proceeds are used for home improvements. Lower costs and fees. Home equity loan closing costs are typically more affordable than what you'd pay with a cash-out refinance. Flexibility. Home equity loan funds can be used for any purpose.	Interest rates. Interest rates are competitive with many loan types, but higher than cash-out refinance loans. Multiple payments. You'll have two monthly mortgage payments if you take out a second mortgage while still repaying a first mortgage. Possibility of foreclosure. If you default on the loan, your lender could repossess your house. High bar to qualify. The financial profile needed to qualify is stricter than you'd find with a cash-out refinance, credit card or personal loan.

Pros

Cons

Stable, fixed monthly payment. The predictability of a home equity loan's payments can make budgeting easier.

Tax benefits. The interest you pay may be tax-deductible if the loan proceeds are used for home improvements.

Lower costs and fees. Home equity loan closing costs are typically more affordable than what you'd pay with a cash-out refinance.

Flexibility. Home equity loan funds can be used for any purpose.

Interest rates. Interest rates are competitive with many loan types, but higher than cash-out refinance loans.

Multiple payments. You'll have two monthly mortgage payments if you take out a second mortgage while still repaying a first mortgage.

Possibility of foreclosure. If you default on the loan, your lender could repossess your house.

High bar to qualify. The financial profile needed to qualify is stricter than you'd find with a cash-out refinance, credit card or personal loan.

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Accessibility: Lenders are ranked higher if their personal loans are available to more people and require fewer conditions. This may include lower credit requirements, wider geographic availability, faster funding and easier and more transparent prequalification and application processes.
Rates and terms: We prioritize lenders with more competitive fixed rates, fewer fees and greater options for repayment terms, loan amounts and APR discounts.
Repayment experience: For starters, we consider each lender’s reputation and business practices. We also favor lenders that report to all major credit bureaus, offer reliable customer service and provide any unique perks to customers, like free wealth coaching.

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How we chose the best long-term loans

We reviewed more than 32 lenders to determine the overall best seven long-term personal loans. To make our list, lenders must offer loans with at least 60-month repayment terms and have competitive APRs. From there, we prioritize lenders based on the following factors: