The Best Long Term Personal Loans

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If you are looking for the best long-term personal loans, you have clicked on the right link. Packed in this easy read are all the answers you have probably been searching for, from how to get a long-term personal loan with bad credit to how long are terms on a personal loan. We have even included our list of the best long-term personal loan companies. By the time you are done reading this blog, you’ll be ready to find the best long-term personal loan. You may not even need to leave the comfort of your home or office. Keep reading to learn more about the best long-term personal loans.

What is considered a long-term loan?

Term loans typically have a specified repayment term. The more you borrow, the longer you may need to repay. Regardless of the amount you borrow, the longer the term, the cheaper the monthly payment. Some lenders that provide term loans offer terms up to 12 years. In most cases, lenders offer longer terms for higher loan amounts. If you review rate sheets, you may notice that not only do terms change based on the loan amount but so do rates. Personal loans are often used for financing home improvements or consolidating debt. For example, if you need to finance a bathroom or kitchen remodel you may need to borrow $30,000 or $50,000 or perhaps even more. When you start calculating payments for a loan this size, you should start to realize how beneficial a longer term is. However, you should keep in mind that the longer the loan term, the more you’ll pay in interest. If you need to extend the loan term to ensure payments are affordable that is one thing. However, if you are just extending the loan term to have the cheapest payment possible, you may be costing yourself money.

What is the longest term for a personal loan?

Terms can vary depending on the lender, the borrower, and the loan amount. Terms may also vary spending on the market. If things are slow, lenders may be more inclined to offer enticing long-term loans to lure consumers in. If you use a bank or credit union for a personal loan you can find terms up to 6 or 7 years. While some banks and credit unions may offer longer terms, it may be hard to find them. Online lenders usually offer longer terms than banks and credit unions. Acorn Finance has lending partners that can offer personal loans with terms of up to 12 years. If you need a term longer than 12 years, you may want to consider a secured loan such as a home equity loan. However, you’ll need to own a home and have equity in the home to qualify for a home equity loan.

How can I get a long-term personal loan?

The best way to get a long-term personal loan is to apply at Acorn Finance online. Acorn Finance can connect you to reputable lenders based on your credit score and borrowing needs. You can start by submitting a simple application and answering a few questions. Once you submit the application, you can receive multiple personalized personal long-term loan offers instantly. You can then review offers and accept one or return at a later time to accept an offer. Returning users should be able to access offers again without submitting an application again as long as you revisit within a reasonable time frame. Your credit score will not be affected by submitting an application through Acorn Finance. Acorn Finance makes it easy to find the best long-term personal loan offers. Their lending partners know you will be receiving offers from other lenders, thus encouraging them to send their most competitive offer.

Which bank has the easiest personal loan approval?

As we discussed earlier, online lenders usually offer faster approval and less strict requirements than most banks. However, if you prefer to use a bank you should look into USAA and Wells Fargo. USAA offers a completely online process for members. Wells Fargo is open to the general public but USAA has requirements for becoming a member. Wells Fargo has a minimum credit score requirement of 660 for unsecured personal loans. USAA may be able to help fair credit borrowers. Some individuals value face-to-face interaction making them want to use a local bank or credit union for a personal loan. If you have a good relationship with your primary banking institution it does not hurt to check and see what they can offer.

Is it better to get a personal loan from your bank?

It may be more convenient to have your accounts and loans at the same institution but it’s not necessarily better in most cases. If you get a better offer from another financial institution, your bank may be willing to match the offer. It’s up to you to determine if that would be worth the extra effort. If you use an online lender or another bank it should be easy to set up automatic payments from your preferred checking account.

Our best long term personal loan companies

There are so many lenders at your disposal that can offer long-term personal loans. While this may be a good thing, it can also make shopping for the best loan offer overwhelming. It’s your responsibility to find a legitimate lender with a competitive offer that fits your needs. Knowing a little bit about the lender can help you decide if they are a good fit for you or not. For example, if you need to borrow $80,000 and a lender only offers loans up to $50,000, you should not waste your time applying. Acorn Finance can save you tons of time while helping you find the best long-term personal loan. In addition, they only partner with top-rated and reputable lenders. Many of Acorn Finance lending partners have made our list of best long-term personal loan companies.

LightStream is a uniquely positioned online lender that can offer long-term personal loans up to 144 months. In addition, they can offer high loan amounts of up to $100,000 with same-day funding available. While LightStream is technically an online lender, they are a part of Truist. LightStream is a part of Acorn Finance’s elite group of lenders. You can receive long-term personal loan offers from LightStream and other top lenders by submitting an application with Acorn Finance. To qualify for a LightStream personal loan you should have a minimum credit score of 680. Since LightStream specializes in good credit borrowers, they can offer lower rates and zero fees for customers. LightStream offers personal loans with interest rates starting at just 5.95% with autopay. If you are approved by another lender with a lower interest rate, LightStream will beat the rate by one-tenth of a percentage point. Of course, they’ll want evidence of the approval and terms before matching the rate.

SoFi is another top-rated Acorn Finance lending partner that can offer long-term up to 7 years. Similar to LightStream, SoFi offers personal loans up to $100,000. SoFi has interest rates as low as 5.99% with autopayments but for longer terms, they usually have higher interest rates. LightStream and SoFi have the same minimum credit score requirement of 680 and both lenders offer zero fees. However, SoFi can help borrowers that have a short credit history. They evaluate borrowers on how responsible they have been rather than how long they have had accounts open. In most cases, SoFi funds loans within a few days.

Wells Fargo
Wells Fargo is a well-known bank and lender that offers long-term personal loans up to 84 months. Qualified customers can borrow up to $100,000 with rates starting at 5.74%. Unlike most banks, Wells Fargo can offer fast funding. In most cases, they can fund loans the same or the next day. Similar to SoFi and LightStream, Wells Fargo does not charge any origination or closing fees. However, you’ll probably need good credit to qualify. Our fourth lender on the list can help borrowers with credit challenges. Wells Fargo allows customers to submit an online application to get pre-qualified for a personal loan.

Best Egg
If you have credit challenges and need a long-term personal loan, Best Egg can help. Best Egg offers personal loans with 3 or 5 year terms and has a minimum credit score requirement of only 640. If you have a 640 or above you can qualify for personal loans up to $35,000 with Best Egg. In most cases, Best Egg funds loans by the next day. Best Egg, SoFi, and LightStream are all Acorn Finance lending partners. Since Best Egg is willing to approve loans with more risk, they do charge origination and late fees. Some customers complain that they do not have certain features offered by other lenders. Reviews highlight Best Egg’s transparent offers and terms and excellent customer service. Also, Best Egg offers financial education for borrowers.

Do long term loans have lower interest rates?

Long term loans may come with lower interest rates, especially if we are talking about a secured long term loan. Even with lower interest rates, lenders can profit more on a long term loan compared to a short term loan. However, if a long term loan is not secured by collateral, the lender is assuming more risk. Therefore, long term loans may be harder to qualify for, especially if they are unsecured. For some of us, a long term may be a few years, for some others, it may be 10, 12, 15-years, or maybe even more.

In most cases, a personal loan with a 60 to 84 month repayment term will be considered a long term loan. But there really is no official rule. At Acorn Finance, our lending partners may be able to offer personal loans with terms up to 12 years. In the world of personal loans, terms don’t come longer than this. The term available may also depend on the amount you are borrowing. Higher loan amounts and longer terms are usually reserved for borrowers with excellent credit.

If you need a term longer than 12 years or are struggling to qualify for a long term personal loan, you may need to consider a secured loan. Secured loans, such as home equity loans, may offer terms up to 30 years. Although a longer term may equal a lower monthly payment, it may cost you more money. Before borrowing, make sure you are aware of the total loan cost.

Why do banks prefer long term loans?

Banks may or may not prefer long term loans. If a borrower is well-qualified, a bank may see a long term loan as a way to make a higher ROI. However, if a borrower barely qualifies, the bank may be hesitant to approve the loan. Even though they may be able to tack on a high interest rate and make plenty of money, if everything goes as planned, the risk they assume is high. Loans can be thought of as investments for banks. Loans generate revenue for banks, therefore, they do want to loan money, but it needs to make sense. If a long term loan is secured by an asset, such as your home, the bank should be able to recoup their money whether you default or not. However, if you default, the bank may have to invest resources into recouping their money. Regardless of what you believe, banks usually want to make repaying a loan as easy as possible. Avoiding defaulted loans can save them time, energy, and resources.

Is it better to have a long term loan?

In some cases, yes. In other cases, no. Everyone is dealing with a different financial situation. It’s up to you to decide if a long term loan is the best decision based on your finances and needs. Before borrowing money, you should compare offers. When you compare offers, you should compare more than just the monthly payment or interest rate. Consider the total loan costs too. To explain what we mean, let’s use an example. Let’s say you are comparing two personal loan offers, one with a 5-year term and the other with a 7-year term. You can afford the monthly payment for both, but prefer the lower payment. You are off to a good start. Now take a look at how much more a 7-year loan will cost you. It’s likely that the 7-year loan will cost you hundreds or thousands of dollars more. In addition, you will want to consider the fees associated with each offer.

Before accepting a personal loan offer, you should compare offers. At Acorn Finance, you can check long term personal loan offers within 60 seconds or less without impacting your credit score.

What are the benefits of a long term loan?

The pros and cons. Always a good thing to consider before making a decision that you will be committed to for the next several years. Below we have outlined some general pros and cons of a long term loan. Keep in mind, your situation is unique. You should consider the pros and cons that directly relate to you. In some cases, you may need to use a long term personal loan in order to afford the monthly payment. If you need to borrow the money, you should always go with the term that offers you a payment that you know you can afford. While total loan costs still matter, keeping up with payments may be more important to your financial future. Let’s take a look at some of the benefits of using a long term loan:

Larger loan amounts
Lower monthly payments
Lower interest rates

Which loans are more expensive short or long term?

In some cases, they may cost the same. But in most cases, a long term loan will cost more money, even if the interest rate is lower. With a long term loan, especially one not secured by collateral, the lender is extending their risk period. If all goes well, a lender will usually make more on a long term loan. As a result, they may offer a long term with a lower interest rate and close borrowers on a lower monthly payment. Ultimately, you may need a long term to afford the monthly payment. If this is the case, a long term loan may be a good option. However, before making that decision make sure you compare loan offers and total loan costs to make an educated financial decision.

What can I finance with long term personal loans?

When you use a personal loan, you can spend the funds however you would like, as long as there are no spending restrictions. If you are using a long term personal loan, chances are you are borrowing a larger sum of money. So what do you want to use it for? Home improvements? Debt consolidation? That honeymoon you put off for years because you didn’t have the money? With a personal loan, the ways to spend it are practically endless. While this may seem like a positive, you should be cautious with how you spend the money.

Getting a personal loan with no plan about how you will spend the money, can lead to a financial disaster. Before getting a personal loan you should know how much you need to borrow and how it will be spent. If you are using a personal loan for home improvements, you may want to borrow slightly more than you think you need to plan ahead for any surprises. However, other than that, you should only borrow as much as you need to borrow.

Utilizing personal loan funds for tasks like home improvement projects, can be a smart move. While you may pay more to borrow the money, you are investing it into improving your home, which can also increase your home value. Personal loans are often called home improvement loans by lenders.

Why would a bank reject a personal loan?

A bank is sometimes harder to get a personal loan from than a credit union or an online lender. Usually, banks will require you to have a higher credit score and a low debt-to-income ratio before they will give you a personal loan.

If you are denied a personal loan from a bank, they may or may not tell you why. Some banks will give you a letter informing you of why you were denied, while others will just simply tell you are not eligible. This can be extremely frustrating, especially when you are in need of funds or need money for emergencies.

There are a few reasons why you might have been denied a personal loan. The good news is that there are some steps you can take to hopefully receive a loan in the future.

Bad credit history. Your credit history is the number one thing a lender will look at. Sometimes it is the only thing creditors will look at. If you have had any bad credit history in the past, the bank might consider you to be a risky borrower and won’t be willing to give you money. It can also be hard to get a loan if you have any bad reports on your account such as past due accounts, collections, or a bankruptcy.
High debt-to-income ratio. Some people are surprised to get a loan denial when they have a high credit score. However, you can have high debt-to-income ratios with a high credit score. If your debt is much higher than your income, banks will be wary of giving you loans because they might think you don’t have income coming in to comfortably manage all of your debts. The lower your debt-to-income ratio, the better. Usually, it will need to be under 40% to get approved for a loan.
Unstable employment history. Lenders will likely check your employment history and see if it is consistent. This shows that you stay at jobs for a long time and have stable income coming in at all times. If you are switching jobs often, the lender might worry you will quit your job again and then not have income to make the loan payments they give you.
Minimum income requirements are not met. Some lenders and banks have a minimum income requirement. It is usually in relation to how much of a loan you are asking. So, the higher the loan amount, the more income you will need to have proof of. If the requirement is not met, they may offer you a loan of a lower amount that corresponds to your income.
Missing information or paperwork. Sometimes the denial isn’t because of your personal information, but because you forgot to submit something with the application. If you believe you have met all of the requirements above, but still got denied, you might want to call the bank and ask for the reason for your denial. If you forgot some of the paperwork, they might allow you to submit and have another look at your loan application.
Loan purpose mismatch. In many cases, a bank will not ask you why you need a personal loan. However, if they ask you and it is a reason you cannot use a loan from them, they might deny your application. Usually, you cannot use personal loans from banks for college tuition, stock investments, or gambling.

What do banks look at when applying for a personal loan?

When you apply for a loan at a bank, the bank will likely look at some of your personal information to determine if you are eligible to receive funding from them or not. One of the main things they look at is your credit score. If your credit score is in the fair or poor range, some banks will not look any further into your application. Some may take into consideration a few other factors though before deciding if they will approve or not.

The second most important thing they look at is your debt-to-income ratio. They want to see how many financial obligations you have and if your current income is enough to handle them plus another payment from the loan you are applying for. If your debt seems unmanageable, they may deny you the loan.

If the above two things look good though, the bank might not check any other factors. If your credit score and debt-to-income ratio are not within their requirements, they might check your income and employment history. If you have an employment history of always changing jobs or unstable work, they will probably not give you the loan.

How much are payments on a $10000 loan?

The exact payment will depend on your loan terms and interest rate. If you have a 5.5% interest rate and a loan term of 5 years, you should have a monthly payment around $191 with a total interest charge of about $1,461.

Keep in mind that the longer your loan term is, the lower your monthly payment will be. However, you will be paying more in interest over the span of the years. Make sure you know the total amount you are financing and that you can manage all monthly payments comfortably.

What is the monthly payment on a $25 000 loan?

Since a $25,000 loan is a larger amount, your monthly payments might be more than you expect. If you have an interest rate of 6.0% and a loan term of 5 years, your monthly payment should be around $483 with an interest charge around $3,999.

With a loan term of 8 years and the same interest rate, your monthly payment would be around $329.

How much would a payment be on a $30000 loan?

This depends on the interest rate that the bank gives you and the loan repayment term you have. If you have a $30,000 personal loan with a 6.0% interest rate and an 8-year term, you could estimate a payment of about $394. When you get into higher loan amounts such as $30,000, you will want to be especially thoughtful about the loan term. Alway go with the shortest term possible while still ensuring that you can afford the monthly payment.

Can you get a loan from a bank you don’t bank with?

It is possible to get a loan from a bank you don’t bank with. You can also get a loan from a bank if you don’t have a bank account. However, usually, the bank will give you discounts on the loan or better loan terms if you already bank with them. For example, they might cut down your monthly payment if you agree to set up auto-pay details with a bank account from that bank.

They might also be more willing to work with you if they know you are a loyal customer. However, many people choose to get loans from banks that they don’t have a bank account with if the bank is willing to offer them more competitive terms. Usually, you can apply online, or you can go into the bank and ask how their loan procedures work for people who do not currently bank with that bank.


In conclusion, long-term personal loans are available for all credit types. If you have credit challenges we recommend applying with a cosigner. Lenders may be more inclined to offer a longer-term or higher loan amount if you have a cosigner on your application. As we discussed, a longer-term usually means cheaper payments but not necessarily a cheaper loan amount. If possible, you should pay extra each month to save money on interest. Most lenders do not have prepayment penalties so you can pay the loan off early and save money. However, if you have an emergency or tight financial month, you are committed to a lower monthly payment because you went with a long-term personal loan. 

Discover the best long term personal loans. . . visit Acorn Finance today!

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