Best long-term personal loans

Top lenders for long-term personal loans

The following lenders offer some of the longest repayment terms available, along with features like fast funding, soft credit checks and interest rate discounts.

Choosing the right loan term

Choosing the right loan term is important since it determines the duration of the loan repayment period. Loan terms factor into the monthly payment amount and how much interest you'll ultimately pay.

Shorter terms mean larger payments upfront, but you’ll pay less interest in the long run.

The shorter the loan term, the larger the payments will be, but you'll also pay less interest on the loan. For example, a $10,000 personal loan at 12% for seven years will have a payment of $176, and you'll pay about $4,800 in interest.

However, if you choose a three-year term instead, your payment will be $332, but you'll only pay about $1,950 in interest.

As you can see, shorter terms mean higher payments. If you're trying to find personal loan terms that fit your budget, start by deciding how much you can realistically afford to pay each month. Then, balance that against how much interest you're willing to pay over time.

Kyle Enright, president of Achieve Lending, said, “Be sure you have a budget in place, and within that budget, a specific line item for personal loan payments. The payment schedule for personal loans is generally very strict, so it is important to make sure your budget will comfortably accommodate the payments BEFORE you even take out the loan.”

Application process and qualifications

The application process and qualification requirements will vary by lender, but the main criterion required for qualifying for a personal loan is your credit score. You'll generally need a credit score of at least 580 to qualify. However, the higher your credit score, the more likely you are to qualify, and the lower your interest rate will be.

Your income will also be a factor in determining your eligibility for a personal loan. You'll need to demonstrate that you can pay back the loan. You may be required to provide pay stubs, tax returns or statements showing income from benefit payments or other sources.

Lastly, the lender will look at your debt-to-income ratio. This ratio shows how much of your income is being used to make the minimum payments on your debt. You'll typically need a debt-to-income ratio under 36%, meaning less than 36% of your income is going to make debt payments.

If your credit score isn't strong enough to qualify or your debt-to-income ratio is too high, the best thing you can do is to pay off some debt. This will reduce your debt-to-income ratio and may improve your credit.

You’ll also want to ensure that you include all your income in your application. This will both strengthen your ability to repay and lower your debt-to-income ratio. So if you have a side hustle, be sure to mention it on your application.

If you're unable to strengthen your application, you may want to consider a secured personal loan or try to find a cosigner.

Once you're ready to apply, you can typically do so online. Here's what most lenders ask for:

• Citizenship status
• Date of birth
• Desired loan amount
• Desired loan term
• Email address
• Employment status
• Gross monthly income and sources of income
• Monthly mortgage or rent payment
• Phone number
• Physical address
• Preferred due date of payment
• Purpose of the loan
• Social Security number

You may also be asked to upload documents to verify the information you provide, such as your ID or pay stubs.

Depending on the lender, the approval process can take up to seven business days.

» LEARN: How to fix your credit

Benefits and drawbacks of long-term personal loans

Long-term personal loans are convenient since the funds can be used for anything and typically arrive quickly. However, long-term personal loans may have higher interest rates than secured loans and could include origination fees.

Tips for managing long-term personal loans

Managing your personal loan starts before you even apply. You'll want to carefully consider both the amount you'll be borrowing and the term of the loan. These two factors will have a significant impact on your payment.

The less you borrow, the smaller your payment will be, and the less interest you’ll pay over the life of the loan. The shorter the term, the less interest you'll owe, but the higher the payment will be. Therefore, you’ll need to carefully balance the amount you need to borrow with what you can afford.

Enright said, “Overall, it’s best to take on as little debt as possible, and for the shortest period possible. Carefully consider your purpose and your budget, and determine from that what term makes the most sense.”

Once your loan is approved, consider setting up autopay to avoid missed payments — some lenders even offer a small discount for doing so. Also, consider making a half payment every two weeks, rather than paying once per month. This will result in 13 payments per year instead of 12, allowing you to pay off the loan a little more quickly.

Lastly, be aware of your interest rate and regularly check to see if other banks offer lower rates. If rates drop, you may be able to refinance the loan. Lowering your rate can reduce the overall cost of the loan, provided you don't extend the term when you refinance.

Methodology

To determine our top picks, we used a weighted scoring system that took into account both reviews about each company from ConsumerAffairs users and specific company offerings we researched.

We conducted sentence-by-sentence sentiment analysis of thousands of reviews on our site from April 1, 2021, to March 31, 2025, to identify the aspects people care about most — and which companies reviewers were happiest with in terms of these aspects. For personal loans, these included:

• Loan process
• Customer service
• Staff
• Punctuality

We then carefully selected the most important offerings consumers should consider before choosing a lender and researched these offerings at each company. For personal loans, these features included:

• Minimum and maximum loan amounts
• Lowest APR
• Funding time
• Credit score requirements
• Maximum term length 

We then weighted all these factors to create a unique scoring formula. The companies with the highest scores made our top picks.