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Best Long Term Personal Loans

July 2024

If you're planning a big purchase, a long-term personal loan can help you finance it while keeping your monthly payments affordable. Here is SuperMoney's list of the best long-term personal loans.
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Personal loans with longer repayment terms can help you pay for major expenses like home repairs, weddings, medical procedures, and more. The most recommended long-term personal loans have minimal fees, low monthly payments, and competitive interest rates. These features make it easier to pay back your debt.
However, there are hundreds of lenders so finding personal loans with long terms that also offer the best rates and terms can be a challenge. So, we reviewed dozens of lenders to provide you with the most recommended personal loans with long terms.
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This list is created dynamically based on advanced algorithms and consumer feedback. When looking for the best-rated personal loans with long terms we obviously focused on the repayment periods, but that's not the only thing to consider. These are some other features to look out for:
  • APR. The annual percentage rate (APR) is the amount of interest you'll pay annually and includes the cost of any fees associated with your loan. Although the best personal loans with longer repayment terms have competitive rate ranges, keep in mind that the APR you'll receive depends on your credit history.
  • Credit score requirements. Many lenders prefer to work with borrowers who have good-to-excellent credit, but you may be able to find loans for bad to fair credit if you shop around.
  • Loan amount. The best lenders offer a wide range of loan amounts, for example, $1,000 to $50,000. This gives borrowers more flexibility to cover a variety of costs, whether your expense is big or small.
  • Fees. The APR is not the only thing to consider when calculating the cost a personal loan. Fees can add hundreds of dollars to the cost of your loan. Here's a list of fees that you should try to avoid or minimize.
    • Prepayment penalties
    • Origination fees
    • Application fees
    • Annual fees
    • Processing fees
    • Customer service. The best lenders have knowledgeable loan service representatives and a variety of customer support options to fit your preferences (phone, email, live chat, etc.). They also provide a simple loan application process and a strong reputation for satisfying customers.

Common Questions on Personal Loans with Long Terms

What is considered a long-term personal loan?

Although there are no hard-and-fast rules, a loan is usually regarded as long term if it has a repayment term of five years or more. Some loans may even go to ten years. To find the best 10-year personal loans (or any specific term), you can head to SuperMoney's personal loans comparison page and apply the term filter.

When are long-term personal loans a good idea?

If you need to borrow a large sum of money to remodel your home or consolidate debt, getting a long-term personal loan may make sense. Long-term personal loans have lower monthly payments than short-term loans of the same amount, so your monthly payments will be more affordable. However, you will probably pay more intererst over the life of the loan. So, it's a good idea to choose the personal loan with the shortest term you can afford.

What are the pros and cons of long-term personal loans?

Here is a list of the benefits and the drawbacks of long-term personal loans.
  • Lower monthly payments
  • Larger loan amounts
  • Overall cost of the loan is typically higher
  • More stringent eligibility requirements
  • Higher interest rates
Long-term loans have longer repayment periods and more affordable monthly payments than short-term loans. This can make them easier to pay off, especially if you're borrowing a large sum of money. You can also borrow larger amounts than with shorter term loans. However, longer term loans are typically more expensive than shorter loans. The monthly payments are smaller but the overall interest you pay can be much higher. In some cases, the interest rates are higher and you may need better credit to qualify than you would with a shorter-term personal loan.

How do I apply for a long-term personal loan?

Don't just go for the personal loan with the longest term. Check your rates with multiple lenders. SuperMoney's loan offer engine makes it easier to see what rates and terms you qualify for with leading lenders without hurting your credit.
Before you apply for a personal loan, it's a good idea to check your credit report. Make sure there are no errors bringing down your credit score unnecessarily. Next, create a budget and figure out how much you can afford to pay every month. Find the loan with shortest term you can comfortably afford. Once you've chosen the right loan for you, gather the documents you'll need to apply, such as pay stubs, tax returns, bank statements, and employer information. Apply with at least three lenders, and choose the option with the best terms.

What are the alternatives to long-term personal loans if you have bad credit?

If you have bad credit, you may not qualify for the best long-term personal loans. In that case, you may want to consider a smaller, shorter-term loan. However, the rates for these loans may be much higher.
Another alternative for homeowners is a home equity loan. Home equity loans allow you to cash out some of the equity in your home. They are secured by your home, which means you can typically qualify for lower rates and fees. However, it also puts your home at risk of foreclosure if you can't keep up with the payments.
Yet another alternative is a credit card. If you have good credit, you may qualify for a card with a 0% APR introductory offer. Some cards offer 18 months (or even more) with a 0% interest rate. However, this only an option if you need to borrow less than $15,000. Credit cards are sometimes easier to get approved for but thay also can have much higher interest rates if you can't qualify a card with a 0% APR intro rate. Each option has pros and cons, so be sure to consider them all when deciding which route is the best solution for your borrowing needs.

Where can you get a long-term personal loan?

There are hundreds of banks, credit unions, and online lenders that offer long-term personal loans. The lenders listed above are a good place to start because they offer a fast and convenient way to check your rates and terms. Sometimes banks and credit unions offer preferential rates and terms to existing customers. However, if you join a credit union or open a new bank account, they will probably require a hard pull on your credit report, which will ding your score by a few points.
SuperMoney's loan offer engine allows you to compare the offers of leading lenders without hurting your credit.

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