Best Long-Term Personal Loans in 2024

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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Written by Carol Pope | Edited by Katie Lowery and Pearly Huang | Reviewed May 29, 2024

Long-term lenders at a glance

LightStream logo

LightStream: Best overall long-term loans

APR range6.99% - 25.49% (with autopay)
Loan amounts$5,000 to $100,000
Loan terms24 to 84 months
Origination feeNo origination fee
Minimum credit scoreGood-to-excellent credit
ProsCons

 No origination fee or prepayment penalties

 Rate Beat Program may lower your APR by .10 percentage points

 Offers same-day funding

 At 144 months, offers one of the longest repayment terms on the market

 Doesn’t offer prequalification

 Unclear eligibility requirements, “good” credit required

 Must enroll in autopay for the lowest APRs

BHG Money logo

BHG Money: Best for large long-term loans

APR range13.39% - 24.91%
Loan amounts$20,000 to $200,000
Loan terms36 to 120 months
Origination fee3.00% - 4.00%
Minimum credit score660
ProsCons

 Applicants can prequalify to avoid credit impact

 High maximum loan amount ($200,000)

 Customer service is available seven days a week

 Not available in Illinois or Maryland

 Charges an origination fee of 3.00% - 4.00% of the total loan amount

 Slow funding timeline

Discover logo

Discover: Best for long-term loans with low APRs

APR range7.99% - 24.99%
Loan amounts$2,500 to $40,000
Loan terms36 to 84 months
Origination feeNo origination fee
Minimum credit score720
ProsCons

 Funding available as soon as one business day after loan acceptance

 Repayment assistance like loan deferral may be available

 No origination fee

 Qualified borrowers could see an APR as low as 7.99%

 Doesn’t allow joint applications

 $39 late payment fee

 Low maximum loan amount ($40,000)

Navy Federal Credit Union logo

APR range8.99% - 18.00%
Loan amounts$250 to $50,000
Loan termsUp to 60 months
Origination feeNone
Minimum credit scoreNot specified
ProsCons

 Offers same-day funding

 No origination or prepayment fees

 Low maximum APR

 60 -month loan term available for home improvement loans

 Does not disclose minimum credit score

 Must be an eligible military member to qualify

 Need a co-applicant to be eligible for the highest loan amount

Santander logo

Santander: Best for fast funding

APR range7.99% - 24.99% (with autopay)
Loan amounts$5,000 to $50,000
Loan terms36 to 84 months
Origination feeNo origination fee
Minimum credit scoreNot specified
ProsCons

 Offers same-day funding

 Applicants can prequalify to avoid credit impact

 No origination fees

 Not available in all states

 Minimum credit requirement is not disclosed

 Autopay discount is only available if you have payments drafted from a Santander checking account

SoFi logo

SoFi: Best for long-term loans with no fees

APR range8.99% - 29.99% (with discounts)

Pricing Disclosure

Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive. Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Loan amounts$5,000 to $100,000
Loan terms24 to 84 months
Origination fee0.00% - 7.00% (optional)
Minimum credit score680
ProsCons

 No late payment fees or origination fees required

 Co-applicants allowed

 Has a mobile app for loan management

 High minimum loan amount ($5,000)

 No physical branch locations

 Borrowers with fair credit may not qualify

Upgrade logo

Upgrade: Best for bad-credit borrowers

APR range8.49% - 35.99% (with autopay)
Loan amounts$1,000 to $50,000
Loan terms24 to 84 months
Origination fee1.85% - 9.99%
Minimum credit score580
ProsCons

  May be available to those with bad credit

  Low minimum loan amount

  Joint applications available

 Potential for high origination fee

 High maximum APR (35.99%)

 Charges late fees
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What is a long-term personal loan?

Long-term loans are like other types of personal loans but with longer repayment terms (usually 60 months or longer). Because you have more time to pay off your loan, long-term personal loans may offer higher loan amounts — sometimes exceeding $100,000.

Since the risk of default is higher on a long-term loan, APRs also tend to be higher than those offered on shorter loan terms. Although your monthly loan payment may be lower with a long loan term, keep in mind that you’ll pay more in interest over the life of the loan, increasing your total cost of borrowing.

Many borrowers turn to long-term loans for high-dollar transactions, such as debt consolidation, home improvement and medical financing.

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How do long-term personal loans work?

Long-term personal loans work like a regular personal loan — the only difference is that you’ll have more time to pay back what you borrowed. You’ll receive your loan funds in a lump sum, usually by direct deposit. If your loan comes with an origination fee, it will typically be taken from your loan funds before disbursement.

Once you’ve received your funds, you will repay your loan in monthly installments. Personal loans have fixed interest rates and will accrue interest as you pay off your loan.

Since you’ll have the loan for a longer period of time, you will pay more in interest than if you had a loan with a shorter term. On the flipside, your monthly payments will likely be lower, since a longer term allows your balance to be spread out.

Not paying back your personal loan (on time, every time) can lead to consequences like late fees and a drop in your credit score. If your payment is late enough, you could face loan default.

Pros and cons of long-term personal loans

Even if you believe that a long-term personal loan is the right choice for your financial needs, it’s always smart to weigh the benefits and drawbacks of a financial product before committing to additional debt.

ProsCons

 Good-credit borrowers might find lower APRs on a personal loan than on a credit card

 Tend to have lower monthly payments since loan balance is spread out

 Can be helpful for high-dollar expenses, like home improvement, debt consolidation or medical bills

 Personal loans can be used for a wide variety of purposes, offering you flexibility

 Applicants with thin or subprime credit might not qualify

 Not available from all lenders

 You’ll pay more interest over the life of the loan

 Minimum loan amount may be higher than you need

How to compare long-term personal loans

Taking out a long-term personal loan isn’t a decision to take lightly. After all, you could be paying off your debt for close to a decade or more. When comparing lenders, keeping the following metrics in mind to find the loan that is best for your needs.

 With just a few clicks, you may receive up to five personal loan offers from lenders on LendingTree’s personal loan marketplace. Comparing multiple loan offers before signing on the dotted line can save you money in interest and fees.

Term length

When shopping for your long-term loan, think about how long you want to take on additional debt. A longer loan term may mean lower monthly payments, but you’ll end up paying more interest over time. It’s smart to choose the shortest term you can comfortably afford.

Loan amount

Finding a lender that can offer you the amount of money you need is critical. If your loan isn’t enough to cover your needs, you might find yourself applying for a second loan. If you overborrow, you could land yourself in a cycle of debt.

Ask yourself why you need a long-term loan in the first place. According to a 2023 LendingTree survey, more than half of borrowers took out their loan for debt consolidation. If this is you, start by adding up the debt you aim to consolidate and then compare the total interest paid to guide your decision.

APR

Not only do APRs vary widely across lenders, but across credit bands, too. You may want to prioritize lenders that offer a prequalification process so you can review the lender’s proposed APR and terms without taking a hit to your credit.

Generally, long-term loans are best for borrowers with good-to-excellent credit. If you’re working on improving your credit, you may still qualify for a long-term loan but you should be prepared for higher interest rates. Regardless of your credit score, avoid APRs above 36%, which financial experts consider to be the highest affordable APR. If you’re offered a higher rate (even one in the triple digits), you might be dealing with a predatory lender.

Fees

Some lenders charge origination fees and prepayment penalties. While these fees can easily be avoided by selecting a no-fee personal loan, it’s a good idea to do the math and determine which loan is truly the best deal. A loan with a small origination fee and low APR may end up being less expensive than a no-fee loan with a high APR.

Funding timeline

How quickly do you need access to cash? If you’re up against the wall due to a financial emergency, you may want to choose a lender that has same- or next-day approval and loan disbursement.

Borrower benefits and customer service

Selecting a lender known for excellent customer service may be a boon if you have a long-term personal loan. If you’ll be paying your loan off for more than five years, chances are good that you’ll need to talk to your lender about something during that time. Reading customer reviews and those written by LendingTree’s financial experts could provide insight into how a lender does business.

How we chose our picks for the best long-term personal loan lenders

We reviewed more than 25 lenders that offer personal loans to determine the overall best seven long-term lenders. To make our list, lenders must offer loan terms of 84 months or longer. From there, we prioritize lenders based on the following factors:

  • 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.

Frequently asked questions

A long-term personal loan isn’t necessarily a bad idea — personal loans are a financial tool that, when used wisely, provide much-needed relief for millions of Americans every year. Still, you should only borrow what you can afford to repay. Compare lenders to ensure you’re getting the best terms for your personal situation and remember that you’ll pay more in interest with a longer loan term.

Not all lenders offer long-term personal loans, but you might have luck by contacting brick-and-mortar banks, credit unions and online lenders. Even if an institution does offer long-term loans, you’ll still need to meet its eligibility requirements to be approved.

Of the lenders on our list, Navy Federal Credit Union offers the longest loan term at 180 months (or 15 years). However, only NFCU’s home improvement and savings secured loan products are eligible for this extended term.