4 Year Personal Loan Options

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Learn Your Best Options for a 4 Year Personal Loan

A 4 year personal loan is available through several lenders. It’s a reasonable repayment term in most cases, depending on how much you borrow. To determine the loan term that works best financially, you can use a 4 year personal loan calculator to estimate payments. Keep reading to learn more about personal loans with 4 year terms.

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How To Apply For 4 Year Personal Loan Options

1 Pre-qualify

Fill out easy online form to check for pre-qualified offers with no impact to your credit score

2 Select offer

Compare terms and payment options to select offer that’s best for you

3 Finish application

Complete application process on your selected lender’s website*

4 Receive funding

After loan approval, your funds should arrive within 1-2 business days*

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“The process couldn’t have been any easier. I filled out a short form that took me less than 2 minutes and within seconds I got multiple offers from lenders.”

 

- Mike T. (TN)

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“I like the easy online and 100% paperless experience of Acorn Finance. I received my money two days after completing my application.”

 

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FREQUENTLY ASKED QUESTIONS

Learn More About 4 Year Personal Loan Options

If you borrow a small amount such as $1,000 you should not expect a 4-year repayment term. However, for larger loan amounts, lenders may offer a 4 year personal loan term. Keep reading to learn more about 4 year personal loans.

Read more - FAQ

Do lenders give out 4-year personal loans?

Yes, many lenders do give out 4-year personal loans. A 4-year personal loan is a reasonable loan repayment period to borrow a pretty significant amount of money and still maintain comfortable monthly payments.  A 48-month personal loan may be a good term for someone seeking to finance a private vehicle purchase, install a new deck or patio, or consolidate a somewhat significant amount of debt. It could also be used to cover most or all purchases related to your wedding. Pay for your wedding cake, florist, photographer, and wedding attire all with the funding acquired through a 4-year personal loan. 

For example, if you were to take out a $40,000 personal loan at 7% interest over 48-months to finance a wedding, you could see monthly payments on that loan somewhere around $958. At the end of the 48-month period, and if you never miss a payment, you will have paid a total of $5,976.79 in interest on top of the original $40,000 loan. 

The same $40,000 personal loan could also be used to finance a vehicle purchased from a private owner. The payments would be the same and you would be able to pay the original owner of the vehicle in one upfront lump sum. 

Whatever you need a 4-year personal loan for, you may want to understand that you will need a relatively decent credit score, monthly income, and not too much other pre-existing debt to qualify for the loan. Depending on the loan amount, you may need a minimum credit score somewhere between 610 and 640 to even be considered for the loan. Some lenders may even have higher minimum credit score standards requiring a credit score as high as 660 or 680, while others may consider a personal loan to someone with a credit score as low as 580. All minimum requirements vary by lender, but there is an almost uniform standard of lenders requiring a debt-to-income ratio no higher than 36%. So, if you already have a good portion of your monthly income going to pre-existing debt payments each month, your chances of qualifying for a 4-personal loan are greatly reduced if more than 36% of your income is tied up in these types of payments each month. 

 

Are 4-year personal loans worth it?

There are several circumstances where a 4-year personal loan might be with it. If you need a larger sum of money up front to make a significant purchase or to pay for a larger project, and you do not want to deplete your entire family savings account, then a 4-year personal loan can help. Also, let us say you have a good deal of credit card debt and you are having trouble paying down that debt. The interest rates that your credit card company is most likely charging you are almost always going to be higher than a personal loan interest rate. Depending on your credit score, you could use a personal loan with a much lower interest rate to consolidate all of your credit card debt into one easy monthly payment. A move like this could potentially save you thousands of dollars in interest. A personal loan could come with a lower interest rate, however, it will also have a defined payoff date. When you are making payments on a credit card, often you may never know when you will actually pay off the credit card. This is especially true if you are only making the minimum payments. By only making the minimum payments, the interest that is accrued each month will add months or even years onto the amount of time it will take to pay off the credit card. With a personal loan, you will have a predetermined and agreed-upon monthly payment that will allow you to pay off all of your credit card debts in 4-years. 

 

What are the benefits of a 4 year personal loan?

There are many benefits that come with a 4-year personal loan that you may not have considered. Some of those benefits include flexibility, lower interest rates when compared to credit cards, higher borrowing limits, no collateral requirement, and personal loans are easy to manage. 

The main flexibility of personal loans is that you do not always have to disclose how you intend to use the funds from the loan. You may want to use the personal loan to fund a kitchen remodel but then before you get started you have an emergency situation that requires you to use some of the funds to pay for medical bills. You can always change how you use the money from the personal loan, and once the funds are in your account, you do not have to notify the lender of your change. Now you can cover the unexpected medical costs and maybe settle for a bit of a less ambitious kitchen remodel. It is entirely up to your discretion. 

Personal loans often come with a much lower interest rate than credit cards. Have the personal loan deposited directly into your bank account and then you can pay cash to pay a contractor and the cabinetry installation company for your kitchen remodel rather than charging everything on high-interest credit cards. A move like this could potentially save you thousands of dollars in the long run.

Unsecured personal loans also do not require collateral, which is a major benefit if for some unforeseen reason you go into default on the original loan. Though there are still plenty of consequences for defaulting on a personal loan, at least you will not be in jeopardy of losing your home or vehicle. 

Last, personal loans are easy to manage with one fixed monthly payment that allows you to pay off the loan and the respected interest due in a predetermined length of time. 

 

How do I get a 4 year personal loan?

If you are looking for a 4-year personal loan, you can always try your personal bank or credit union. They may be able to offer you a reasonable deal on a loan if you have an established banking history with their institution. If you want to have access to as many choices as possible to shop interest rates and loan repayment terms, then seeking a 4-year personal loan through an online lender may be a wise course of action. The reason being is that once you prequalify for a certain loan amount, you can then begin to receive loan offers from dozens of lenders located throughout the United States. Having access to multiple loan offers at the same time will allow you to compare them side-by-side to ensure that you find the best deal for your financial situation. 

 

How much can I borrow for a 4-year personal loan?

Most personal loans are capped at $100,000. Although you may qualify for a personal loan of $100,000, at 4-years, the monthly payments could be unmanageable. For a 4-year personal loan, it may be best to consider a loan amount that produces monthly payments that work within your budget. 

 

Do I need good credit for a 4-year personal loan?

The typical lender may require a minimum credit score somewhere between 610 and 640 to qualify for a 4-year personal loan. Some lenders may allow someone with a lower credit score, like 580 for example, however, they will most likely pay some of the highest interest rates on the lending market and be subject to other potential fees. 

 

Do 4-year personal loans affect credit score?

Yes, anytime you take out a new line of credit, it will lower your credit score and increase your credit usage and overall debt. As you continue to make on-time monthly payments on the loan, and the amount due on the loan continues to decrease, you may then start to see incremental increases in your credit score. 

 

Where can I get a 4-year personal loan online?

Online personal loans are trending. The internet offers a large pool of competitive online lenders that are ready to compete for your business. One of the best places to check personal loan offers online is at Acorn Finance. At Acorn Finance you can check personal loan offers with terms up to 12 years within 60 seconds or less. Your credit score will not be impacted by checking offers at Acorn Finance.

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