Home » Personal Loans » Best Long-Term Personal Loans in 2024

Best Long-Term Personal Loans in 2024

BadCredify helps you choose long-term loans with lower monthly payments.

Taking out a long-term personal loan can help you finance major purchases when you don’t have enough money to make a single payment. As a borrowed amount will be repaid in a series of fixed monthly installments within several years, your purchase will be more affordable and manageable. At the same time, it will become more and more expensive over time due to interest charges. Thus, reviewing loan terms from various lenders is crucial to find the best offer.

Best Lenders for Long-Term Personal Loans

★★★★☆

sofi logo

Est.APR

8.99-25.81%

Loan amount

$5,000-100,000

Min Score

None


More About

PROS

  • Low interest rates
  • Co-borrowers are allowed
  • No prepayment penalties
  • Flexible loan amounts
  • Wide repayment terms
  • No origination fee

CONS

  • Good credit is required
  • Late fees might apply
  • No co-signer option available
  • No physical branches

OVERVIEW

SoFi is a financial website that provides unsecured personal loans with a credit score minimum of 680. Personal loans from SoFi are also accessible with a co-borrower with good to outstanding credit. Personal loan candidates must, however, have an adequate income and a modest debt-to-income ratio.

WHO IT’S FOR

Applicants with good to excellent credit scores who want to consolidate debt, make major purchases, and cover significant medical bills.

WHY WE LIKE IT

SoFi does not do credit checks on its customers. Instead, it examines applicants’ whole financial condition. If you take out a credit builder loan, this service reports your on-time payments to the major credit reporting bureaus.

LENDER PERKS

  • No prepayment penalties
  • No origination fees
  • Low interest rates
  • Co-borrower option available

FEES

  • Optional fees (up to 6%)

REQUIREMENTS

  • Be at least 18 years old
  • Prove your US citizenship or permanent residence
  • Provide your bank account information and social security number
  • Show your monthly income by providing pay stubs, tax forms, or bank statements
  • Provide an active email address and phone number

TIME OF RECIEVING FUNDS

One business day

Editor’s Thoughts

SoFi offers different choices for long-term personal loans. You can borrow between $5,000 to $100,000. You can also pay back the personal loan over 2 to 7 years. With SoFi loans, you get extra help. They provide free career and money advice. Best of all, there are no hidden fees. But SoFi does let you pay an additional fee of up to 6% of the personal loan amount. It lowers your interest rate.

★★★★★

achieve logo

Est.APR

8.99% – 35.99%

Loan amount

$5,000 – $50,000

Min Score

620


More About

PROS

  • Discounts on interest rates
  • Debt consolidation loans with direct monthly payments to creditors
  • Soft credit check on prequalification stage
  • Opportunity to get joint loans

CONS

  • Origination fee from 1.99% to 6.99%
  • High minimum loan amount
  • No mobile app for Android or iOS

OVERVIEW

Achieve­ can approve loans on the same day, but it take­s one to three days to ge­t money. They charge a fe­e to start a loan. Some lende­rs don’t charge fees. Achie­ve’s smallest loan is $5,000. So they may not work if you ne­ed a small personal loan.

WHO IT’S FOR

Fair or good credit borrowers who want to cover their credit card debt.

WHY WE LIKE IT

Achieve­’s personal loans offer competitive­ rates and adjustable terms. The­se loans could work well for people­ seeking small loan amounts who don’t mind an origination fee­.

LENDER PERKS

  • Joint loan option
  • Discounts on interest rates

FEES

  • Origination fees from 1.99% to 6.99%

REQUIREMENTS

  • You need a credit score­ of at least 620
  • Your debt-to-income ratio must be­ less than 45% (excluding mortgage)
  • The­re’s no minimum income require­ment
  • Your credit history should be of 3 ye­ars with at least two accounts
  • You shouldn’t have any debt in de­fault
  • Bankruptcy is not allowed in the previous 24 months

TIME OF RECEIVING FUNDS

24 – 72 hours from approval

Editor’s Thoughts

Achieve used to be called FreedomPlus. Their long-term personal loans help people with average and good credit scores, from 620 to 719. Usually, Achieve’s customers have pretty good credit and earn a high income. While Achieve’s loans start at $5,000, there may be better choices for covering more minor expenses or consolidating a few thousand dollars of debt. It’s important to note that Achieve imposes an origination fee for a long-term loan ranging from 1.99% to 6.99%.

★★★★☆

happy money logo

Est.APR

11.72% – 35.99%

Loan amount

$5,000 – $40,000

Min Score

640


More About

PROS

  • Low APR
  • Monthly payments to creditors
  • Free checking of credit score

CONS

  • Limited loan purposes
  • Potential origination fee
  • Funding in 3 to 6 business days

OVERVIEW

Happy Money, a company focused on financial health, provides loans for debt consolidation. They work with lenders insured by FDIC and NCUA. Happy Mone­y offers its users ways to control their money and debts better. Added to these are quarterly catch-ups during the first year for any que­ries or worries.

WHO IT’S FOR

Fair or good credit borrowers who want to make a credit card debt consolidation.

WHY WE LIKE IT

Eligible applicants can choose the most suitable plan for their needs. Existing clients can use tools for managing their finances. Happy Money re­frains from adding application and overdue payment charge­s to their clients’ loans.

LENDER PERKS

  • Free access to credit score
  • No hard credit check during the prequalification
  • Low APR

FEES

  • Potential origination fee
  • No application or late fees

REQUIREMENTS

  • Your driver’s license or passport;
  • Be at least 18 years old;
  • Recent pay stubs or your last tax return;
  • A fresh bank statement;
  • Valid email address and phone number.

TIME OF RECEIVING FUNDS

Three to six business days

Editor’s Thoughts

Happy Money charges lower interest than some companies. Their highest yearly interest rate (APR) is 24.67%. Or you can put the personal loan money into your credit card bank account. Happy Money also sends free monthly updates on your FICO score. Unlike other lenders, Happy Money loans can only be used to combine credit card debt. There may be an origination fee, too. When given to you, the cost is taken from 1.50% to 6.25% of the personal loan amount.

★★★★☆

Lendingtree logo

Est.APR

5.99% – 35.99%

Loan amount

$1,000 – $50,000

Min Score

300


More About

PROS

  • Prequalification for multiple personal loans on single platforms
  • Low minimum interest rates
  • No prepayment penalties
  • Fast funding (same-day direct deposit may be available) 

CONS

  • High maximum interest rates
  • Many additional fees (potential origination fee)
  • No co-borrower permitted

OVERVIEW

LendingTre­e serves as a handy platform for seeking personal loans, allowing borrowers to explore a variety of loan offe­rs simultaneously. Many lenders associated with LendingTree can provide loans swiftly. However, the most suitable personal loan depends on your credit score. This score establishe­s eligibility and influences your interest rate.

WHO IT’S FOR

Borrowers with bad credit scores who want to consolidate debt of up to $50,000 or cover other significant expenses.

WHY WE LIKE IT

LendingTre­e has accreditation from the Be­tter Business Bureau, a non-profit group dedicated to customer safety and trust. The BBB rates LendingTree­ as A+, a symbol of excellence­. The BBB’s decisions are base­d on how a company reacts to customer gripes, truth in marke­ting, and openness about company procedure­s.

COMPANY PERKS

  • No prepayment penalties
  • Loan funds in one business day

FEES

  • Origination fees, prepayment penalties, or other fees may be applicable

REQUIREMENTS

  • Be at least 18 years old
  • Prove your US citizenship or permanent residence
  • Provide your bank account information
  • Show your monthly income (at least $25,000 annually income) by providing pay stubs, tax forms, or bank statements
  • Have fair credit (at least 300)
  • Provide an active email address and phone number

TIME OF RECIEVING FUNDS

One business day (same-day funding available)

Editor’s Thoughts

LendingTree is an online loan market that lets consumers borrow from $1,000 to $50,000. They find lenders that accept bad credit scores as low as 300. The annual percentage rates range between 5.99% and 35.99%. Their long-term loan has no prepayment penalties, and fast funding (same-day direct deposit may be available) is possible. Also, there is a potential origination fee.

★★★★★

discover personal loans logo

Est.APR

7.99% – 24.99%

Loan amount

$2,500 – 40,000$

Min Score

660


More About

PROS

  • Long 84-month period
  • Thre­e options for repayment he­lp
  • High scores of customer satisfaction
  • No origination fees
  • Perfect for debt consolidation
  • Competitive interest rates

CONS

  • Low available loan amounts
  • Charges a $39 penalty for late­ payments
  • Harder eligibility requirements
  • No co-borrower permitted

OVERVIEW

Discover is more than just a digital bank known for credit cards. It’s also a payment service provide­r. It gives out fixed-rate personal loans up to $40,000 to people nationwide. And the be­st part? Pay on time, and there’s ze­ro fees.

WHO IT’S FOR

Borrowers with fair credit scores who want to consolidate debt.

WHY WE LIKE IT

Discover has some of the best rates out there. Plus, they got zero origination fees or pre­payment penalties. And that means the overall cost of borrowing is less. If you are in a rush, Discover can get funds to you by the next day. It’s a savior if you’re facing unforesee­n expenses.

LENDER PERKS

  • Zero origination fees
  • No prepayment penalties
  • Loan funds in one business day

FEES

  • Late fee of $39

REQUIREMENTS

  • Be at least 18 years old
  • Prove your US citizenship or permanent residence
  • Provide your bank account information
  • Show your monthly income (at least $25,000 annually income) by providing pay stubs, tax forms, or bank statements
  • Have fair credit (at least 660)
  • Provide an active email address and phone number

TIME OF RECEIVING FUNDS

One business day (same-day funding available)

Editor’s Thoughts

Discover offers personal loans from $2,500 to $40,000. You choose repayment from 36 to 84 months. Rates start at 6.99% fixed annually, maxing at 24.99% depending on your credit. It offers no fees for applying or repaying early. Yet missing a due date brings a $39 late fee. You may shift due dates twice in repayment, waiting at least one year between each change.

★★★★☆

upgrade logo

Est.APR

8.49% – 35.99%

Loan amount

$1,000 – $50,000

Min Score

Doesn’t specified


More About

PROS

  • No prepayment penalties;
  • Multiple rate discounts;
  • Next-day funding;
  • The due date may be changed;
  • Direct payments for debt consolidation.

CONS

  • APRs may be high;
  • Origination fees are charged;
  • Late fees may be applied.

OVERVIEW

Upgrade is an online financial service that offers up to $50,000 loans to borrowers with good to fair credit. It provides several interest rate reductions and allows you to add a co-applicant or collateral to your application. Choose it if you need money quickly and are not concerned about relatively high interest rates.

WHOM IT SUITS

Fair-credit borrowers who need the money quickly.

WHY WE CHOOSE IT

Upgrade offers convenient maximum and minimum loan amounts along with flexible repayment terms. It also accepts fair credit borrowers and provides several interest rate discounts.

PERKS OFFERED

  • Rate discounts for auto pay, direct payment, and reward checking;
  • Allows to add a co-applicant;
  • Mobile app for managing your loan.

FEES

  • Origination fees: 1.85% to 9.99%;
  • Late payment fees: $10;
  • Non-sufficient funds fees: $10 per payment returned.

ELIGIBILITY REQUIREMENTS

  • Be a U.S. citizen, a permanent resident, or living in the U.S. on a valid visa;
  • Be at least 18 years old (19 in Alabama and some other states);
  • Give a working email address;
  • Provide valid bank account details;
  • Confirm a sufficient monthly income to cover your loan payments.

FUNDING TIMES

As soon as one business day after clearing verification.

Editor’s Thoughts

Upgrade, based in San Francisco, helps people access a long-term loan with lower monthly payments. It works with lending partners like Cross River Bank and Blue Ridge Bank instead of lending directly. Upgrade loans range from $1,000 to $50,000. The requirements typically focus on people with good or fair credit, though each lender sets rules.

★★★★★

Est.APR

6.40% – 35.99%

Loan amount

$1,000 – $50,000

Min Score

300


More About

PROS

  • Quick access to loan funds;
  • No prepayment penalties;
  • Flexible monthly payments;
  • Beyond credit score verification (soft credit check);
  • Flexible loan amounts.

CONS

  • Origination fees up to 10%;
  • High annual percentage rate;
  • Co-signers aren’t allowed;
  • Limited repayment loan terms.

OVERVIEW

Upstart is a financial platform that enables borrowers with weak credit to get personal loans with flexible payback options. Its key advantage is same-day funding, and there is simply a light credit check conducted throughout the application procedure.

WHO IT’S FOR

Poor credit borrowers who can’t qualify for traditional personal loans.

WHY WE LIKE IT

Upstart does not do credit checks on its customers. Instead, it examines applicants’ whole financial condition. In addition, customers can apply in the morning and receive their personal loan before the end of the day.

LENDER PERKS

  • Quick funding (same-day deposit available)
  • No origination fees
  • Soft credit checks performed

FEES

  • Origination fees up to 10%;
  • $15 late fee
  • $15 NSF fee

REQUIREMENTS

  • Be at least 18 years old;
  • Prove your US citizenship or permanent residence;
  • Provide your bank account information
  • Show your monthly income (at least $2,000 monthly income) by providing pay stubs, tax forms, or bank statements;
  • Have fair credit (at least 300);
  • Provide an active email address and phone number.

TIME OF RECIEVE FUNDS

One business day (same-day funding available)

Editor’s Thoughts

At Upstart, you can borrow personal loans from $1,000 to $50,000 for 3 or 5 years. The interest rates are also low, from 6.40% to 35.99%. But they have an origination fee that doesn’t exceed 10%. Upstart performs only soft credit checks that don’t affect applicants’ credit scores. Also, there are no co-signers allowed. 

★★★★☆

Est.APR

9.116% – 29.99%

Loan amount

$2,000 – $45,000

Min Score

640


More About

PROS

  • Low annual percentage rate;
  • Wide range of available loan amounts;
  • Same-day funding in some circumstances;
  • Accessible for fair credit borrowers.

CONS

  • High origination fee (up to 9%);
  • No cosigners are allowed for joint loans;
  • It is not available in all states.
  • Limited term lengths range from 36 to 60 months.

OVERVIEW

Rocket Loans is a financial platform that allows bad credit borrowers to get personal loans with flexible repayment terms. The same-day funding is its main advantage and there is only a soft credit check performed during the application process.

WHO IT’S FOR

Poor credit borrowers who need to make a significant debt consolidation.

WHY WE LIKE IT

Rocket Loans has low APRs and no additional fees. Also, consumers may apply earlier in the morning to receive the personal loan by the end of the same day.

LENDER PERKS

  • Easy loan application process
  • Fast funding
  • Low interest rates

FEES

  • Origination fees of up to 9%
  • $15 late fee
  • $15 NSF fee

REQUIREMENTS

  • Be at least 18 years old;
  • Prove your US citizenship or permanent residence;
  • Provide your bank account information
  • Show your monthly income (at least $2,000 monthly income) by providing pay stubs, tax forms, or bank statements;
  • Have fair credit (at least 640);
  • Provide an active email address and phone number.

TIME OF RECIEVE FUNDS

One business day (same-day funding available)

Editor’s Thoughts

Rocket loans offer low annual percentage rates that range between 9.116% and 29.99% (with autopay discount). You can borrow a minimum of $2,000 and a maximum of $45,000. Also, there is a wide range of available personal loan amounts. Same-day funding is also possible in some circumstances. Borrowers with fair credit scores are welcome. 

BadCredify evaluates lenders based on more than 70 rating criteria, including interest rates, repayment terms, eligibility requirements, fees, consumer experience, affordability, and more. Find out more about our full methodology.

Learn more about our methodology

What are Long-Term Loans?

Long-term loans are financial products that allow you to repay the principal with a more extended monthly payment schedule. Their repayment terms range from 24 months to 15 years. Such loans have the purpose of helping you make a credit card debt consolidation, for example. This factor also depends on the personal loan amount you borrow. Usually, personal loan lenders offer up to $50,000.

What are Your Financing Needs?

Long-term personal loans can give you time to manage your debts. Depending on the lender and your credit score, you might take 2 to 30 years to pay them back. These loans can range from $5,000 up to $35,000 or more.

People use long-term personal loans for splurging on their house, going on a vacation, combining debts into one payment, hosting a wedding, covering medical bills, making school payments, or starting a business. Their potential benefits are as follows:

  • Fixed Rates. The math of interest rates stays the same over the years, so there will be no surprises because of the economy.
  • Flexible Options. Some places let you customize repayment to suit your sitch.
  • Credit Building. Handling it right boosts your score over time if the lender reports your monthly payments to the major credit bureaus.

Compare Long-term Personal Loans

Before applying for a long-term personal loan, we’ve made a table to compare it with a short-term loan. Check the differences and make an informed decision:

Long-Term Personal LoanShort-Term Loan
Loan Amount$5,000 – $35,000$100 – $1,000
Loan Term12 – 60 monthsUp to 6 months
Ratesup to 35.99%Up to 375%
Funding Times24 hours – 1 business day24 hours – 1 business day
PurposeMajor purchases, debt consolidationemergencies

How to Get a Long-Term Personal Loan?

Taking out a long-term personal loan needs some steps. It helps you get good repayment terms and meet what the lender wants. Here’s how to get a long-term personal loan:

  1. Check Your Credit Score. Your credit score shows lenders you can manage your finances. Check it and see its standing; if it’s less-than-perfect, improve it.
  2. Research Lenders. Find loan providers that meet your expectations. They can be banks, credit unions, online lenders, or other financial institutions.
  3. Gather Necessary Documentation. You must show lenders your ID card, pay stubs, bank statements, and SSN to prove your taxes.
  4. Submit the Loan Application. Fill out the loan application after choosing a lender. Give accurate and complete details. Be ready to tell the reason for the loan.
  5. Wait for Approval. The lender will review your application, credit history, and supporting documents and provide you with a loan approval decision.
  6. Receive Your Money. The loan provider will transfer the money to your bank account within one business day.
  7. Repay the Loan: Make your monthly payments on time according to your agreed-upon schedule. Setting up automatic monthly payments can help make sure you get all the due dates.

Discover Long-Term Personal Loans and Choose the Best One for You

  • All types of credit score are allowed
  • Applying does not affect your credit score
  • Easy repayment process
get a best long-term personal loan for bad credit

How to Find Long-Term Lenders? 

Check diverse loan suppliers, like customary banks, credit associations, online lenders, and peer-to-peer credit specialists. Make a rundown of potential loan providers offering long-term personal loans.

It’s essential to know your credit score number. Lenders often look at that number when deciding if you can get a loan. Many loans say what the lowest score you need is. Consider improving your number before asking for a loan if your number could be better.

Look at what customers say and stories from people who used the lenders you’re considering. Reviews can give you an idea of what happened with people who borrowed and help you know what others thought about the lender.

Talk to friends, family, or coworkers who have previously taken out long-term personal loans. Their suggestions can help you find reliable lenders. Consider getting approved by a few loan providers before applying. It lets you know how much you can borrow and the rules without a hard check that hurts your credit score.

Methodology

We looked at over 25 loan providers giving personal loans to find the top seven best long-term choices. The providers had to offer loan periods over 84 months to make our list. We ranked them based on these factors:

Accessibility

Lenders earned higher rankings if more people could use their personal loans. It meant fewer rules about credit scores and where people lived. It also meant faster funding and a more straightforward, transparent way to see if you qualified and applied.

Rates and Repayment Terms

We chose lenders offering reasonable fixed rates, low origination fees, and many options for monthly payments, loan amounts, and lower interest rates.

Reputation

We looked at each lender’s reputation, how they do business, and if they reported to the major credit score companies and offered good customer service. We liked lenders that provided extra help, like free advice on getting more money.

FAQ

What is the most extended personal loan?

The most long-term personal loan has an 80-month monthly payments schedule, funded by Navy Federal Credit Union.

Where can I find long-term personal loans?

Only some lenders offer long-term personal loans. But you can look at options from banks, credit unions, and websites that lend money. Meeting what each one needs to lend you money is essential if they give loans for a long time. Their rules say who can get a loan.

When are long-term personal loans a bad idea?

A long-term personal loan can be an intelligent choice if adequately thought out. Many Americans get much-needed monetary aid from personal loans every year. Yet, remember only to take what you can comfortably repay.