Best Long Term Personal Loans Online

If you’re like many Americans, there will come a time in your life when, for one reason or another, you could use some extra cash. And while loans of some form are always an option for almost everybody, many responsible people refrain from applying for them. After all, no one wants to walk around with a cloud of debt looming above them along with the pressure to pay the funds back as soon as possible or risk facing steep interest rates.

What some people perhaps don’t know is that long-term personal loans do indeed exist, and for well-qualified applicants, the terms can be very attractive. And even for people with bad credit, long-term loans with guaranteed approval can still be a reality. If this is all news to you, here’s a closer look at long-term loans and how they work.

Pros and Cons of Long Term Loans

So you’re curious about long-term loans. The truth is, they’re not too much different from their traditional short-term counterparts. Long-term loans generally have repayment terms that span from three to 10 years, giving you plenty of time to pay back what you borrow. But it’s not all upsides with long-term loans. Here’s a look at a more complete list of pros and cons.

Pros of Long-Term Loans

  • Manageable payments. The longer your loan term is, the smaller your payments will be, making it easier to maintain a sound budget.
  • Finance large expenses. With a long-term personal loan, you could easily finance large purchases including motorcycles, boats, and cars.
  • Boost your credit score. As long as you make your payments on time, a long-term loan can have a dramatic, positive impact on your credit score.
  • Debt consolidation. By leveraging a personal loan to consolidate debt, you could stand to save a huge amount of interest.
  • Work the system. By taking an aggressive approach to repayment, you could capitalize on the terms of a long-term loan and save money in the long run.

Cons of Long-Term Loans

  • Increased interest. Lower monthly payments mean a higher balance over a longer period of time, increasing the likelihood that you’ll end up paying a ton of unnecessary interest.
  • More time in debt. It almost goes without saying, but long-term loans also mean long-term debt, so it could be a while until you’re back in the black.
  • No wiggle room. With the majority of long-term loans, the specific terms are fixed, and if you miss a payment or two, your credit score is going to suffer.

Long-Term Personal Loan Lenders – 72, 84 or 144 Month Loans

A variety of lenders offer long-term personal loans. Here’s a look at two of the best ones:

CompanyLoan Terms
LightStream2-12 Years
SoFi3-7 Years
Marcus3-6 Years
Click to compare estimated rates on PrimeRates.

Lightstream: If you’ve got excellent credit, it will be tough to find a better lender than Lightstream when it comes to long-term loans. A division of SunTrust Bank, Lightstream offers some of the most attractive terms in the industry. Borrowers can apply for loans ranging from $5,000 to $100,000 with interest rates as low as 3.34% for auto loans and 4.99% for home improvement projects. This makes Lightstream an outstanding alternative to traditional home-equity loans. Lightstream can also approve your application instantly and deposit funds into your account as quickly as the same day.


APR Range:4.99%—16.99% with AutoPay
Available Loan Terms:24—84 months
Loan Amount:$5,000—$100,000
Funding:As early as same day
LightStreamRead Our Review
Click “Check Rates” to apply to LightStream

SoFi: Offering long-term personal loans from $5,000 to $100,000 and ranging from three to seven years, SoFi is among the best lenders in the business. Fixed interest rates range from 6.99% to 15.49% for applicants enrolled in autopay, while SoFi’s variable rates span from 6.40% to 12.70%. Also, SoFi never charges origination fees or prepayment penalties, which sets this lender apart from most competing institutions.


APR Range:6.99%—15.115%
Available Loan Terms:36—84 months
Loan Amount:$5,000—$100,000
Funding:Typically 7 days
SoFiRead Our Review
Click “Check Rates” to apply to SoFi

Long-Term vs Short-Term Loans

If you’re wondering how long-term loans stack up against their short-term counterparts, the truth is that the shorter the duration of a loan, the less interest you’ll pay in the end. So while your repayment amounts might be smaller on a month-to-month basis, with long-term loans, it’s no question that in the long run, they’ll cost you more money.

» MORE: Short Term Loans

Why a Long-Term Personal Loan?

While it’s obvious why long-term personal loans make sense for people who need to access to more money than they currently have on hand, there’s another reason to apply for such a loan, even if you don’t need the funds.

Individuals with a less-than-spotless credit history can leverage long-term loans online to improve their credit scores. Long-term personal loans for bad credit give people an easy way to make up for past mistakes. But, at the same time, you need to be responsible enough to repay the funds on time, and you need the willpower to refrain from using the money for something else.


Long-term loans can serve as the ideal solution for individuals who need to get their hands on some serious cash without the worry of having to pay it back within one or two years. If you think a long-term loan might be right for you, explore our featured lenders and choose the one that best meets your needs.

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