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Best Long-Term Personal Loans in 2025

BadCredify helps you choose long-term loans with lower rates and affordable monthly payments.
Ronald Johnson

WRITTEN BY:

RONALD JOHNSON
Ronald Johnson

RONALD JOHNSON

Finance Writer at BadCredify

Ronald specializes in mortgages, personal loans, and small business financing. His articles cover topics such as homeownership, starting a business, and managing personal debt.
Larry Henderson

EDITED BY:

LARRY HENDERSON
Larry Henderson

LARRY HENDERSON

Finance Expert at BadCredify

Larry brings over 20 years of experience to the field. Prior to joining our team, he worked as a journalist for CNBC, Money, USA Today, and others
Shantel Myers

REVIEWED BY:

SHANTEL MYERS
Shantel Myers

SHANTEL MYERS

Senior Editor at BadCredify

Shantel is a BadCredify finance expert with over a decade of experience writing for top financial publications like Financial Times, The Balance, and Money.

TIME TO READ

4 MIN

UPDATE DATE:

JANUARY 30, 2025

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Best Long-Term Personal Loans

Taking out a long-term personal loan for bad credit 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% – 29.49%
LOAN AMOUNT
$5k – $100k
LOAN TERM
24 – 84 months
MIN CREDIT SCORE
Not Specified
READ REVIEW
SEE DETAILS
Known qualification 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
Fees
  • Optional fees (up to 6%)
Pros
  • Low interest rates
  • Co-applicants are allowed
  • No prepayment penalties
  • Flexible loan amounts
  • Interest rate discounts are available
  • Multiple repayment options
  • No origination fee
Cons
  • Good credit is required for better loan terms
  • Hard credit check if you continue your application
  • Late fees might apply
  • No co-signer option available
  • No physical branches
Time to receive funds

One to three business days

WHO IT’S FOR

Applicants with good to excellent credit scores who want to consolidate debt, make major purchases, or cover their long-term needs.

Overview

SoFi is a financial website that provides unsecured personal loans. The company doesn’t specify its minimum credit score requirements, but most of its borrowers have credit ratings of 680 and higher. Loans from SoFi are also accessible with a co-borrower with good to outstanding credit. Personal loan candidates need to have a sufficient income and a low debt-to-income ratio.

Why we like it

SoFi does not do credit checks on its customers when they prequalify for a loan. Instead, it examines applicants’ whole financial situation. The company offers reasonable interest rates and flexible repayment terms to qualified borrowers.

Lender perks
  • No prepayment penalties
  • No origination fees
  • Low interest rates
  • APR discounts
  • Co-applicant option available
Achieve Logo
EST.APR
8.99% – 29.99%
LOAN AMOUNT
$5k – $50k
LOAN TERM
24 – 60 months
MIN CREDIT SCORE
620
READ REVIEW
SEE DETAILS
Known qualification requirements
  • You need a credit score­ of at least 620
  • Provide proof of income
  • Specify your Social Security number
  • Provide proof of identity
  • Specify your employment status
Fees
  • Origination fees from 1.99% to 6.99%
Pros
  • Discounts on interest rates
  • Debt consolidation loans with direct payments to creditors
  • Soft credit check at the 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
Time to receive funds

24 – 72 hours from approval

WHO IT’S FOR

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

Overview

Achieve­ can approve loans on the same day, but it take­s one to three days to ge­t money. All personal loans offered by the company are subject to origination fees. Achie­ve’s minimum loan is $5,000. It may not work if you ne­ed a small personal loan.

Why we like it

Achieve’s personal loans offer competitive­ rates and adjustable terms. The­se loans could work well for people­ seeking high loan amounts who don’t mind an origination fee­. The service also provides various interest rate discounts.

Lender perks
  • Joint loan option
  • Discounts on interest rates
Happy Money Logo
EST.APR
11.72% – 35.99%
LOAN AMOUNT
$5k – $40k
LOAN TERM
2 – 5 years
MIN CREDIT SCORE
640
READ REVIEW
SEE DETAILS
Known qualification 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.
Fees
  • Potential origination fee;
  • No application or late fees.
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.
Time to receive funds

Three to six business days.

WHO IT’S FOR

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

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.

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.
lendingtree Logo
EST.APR
5.99% – 35.99%
LOAN AMOUNT
$1k – $50k
LOAN TERM
12 – 84 months
MIN CREDIT SCORE
300
READ REVIEW
SEE DETAILS
Known qualification requirements
  • Be at least 18 years old
  • Prove your US citizenship or permanent residence
  • Provide your bank account information
  • Show your monthly income by providing pay stubs, tax forms, or bank statements
  • Provide an active email address and phone number
Fees
  • Origination fees, prepayment penalties, or other fees may be applicable
Pros
  • Prequalification for multiple personal loans on one platforms
  • Low minimum interest rates
  • Fast funding (same-day direct deposit may be available)
Cons
  • High maximum interest rates
  • Extra fees may be applied
  • The company’s partners may perform a hard credit check
  • Data privacy concerns
Time to receive funds

One business day (same-day funding available)

WHO IT’S FOR

Borrowers with bad credit scores who want to consolidate debt or cover other significant expenses.

Overview

LendingTre­e serves as a handy platform for seeking personal loans. It allows borrowers to explore a variety of loan offe­rs in one place. Many lenders that partner with LendingTree can provide loans swiftly. However, borrowers with bad credit scores typically get high interest rates.

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.

Lender perks
  • The ability to compare multiple loan offers in one place
  • Loan funds in one business day
Discover Logo
EST.APR
7.99% – 24.99%
LOAN AMOUNT
$2,5k – $40k
LOAN TERM
3 – 7 years
MIN CREDIT SCORE
660
READ REVIEW
SEE DETAILS
Known qualification requirements
  • Be at least 18 years old
  • Prove your US citizenship or permanent residence
  • Provide your bank account information
  • Show your monthly income by providing pay stubs, tax forms, or bank statements
  • Have fair credit (at least 660)
  • Provide an active email address and phone number
Fees
  • Late fee of $39
Pros
  • Long repayment periods
  • Thre­e options for repayment he­lp
  • High level of customer satisfaction
  • No origination fees
  • Free FICO score monitoring tools
  • Competitive interest rates
Cons
  • Charges a $39 penalty for late­ payments
  • Strict eligibility requirements
  • No co-borrower permitted
Time to receive funds

One business day (same-day funding available)

WHO IT’S FOR

Borrowers with fair credit scores who want to consolidate debt, renovate home, or make big purchases.

Overview

Discover is more than just a digital bank known for credit cards. It’s also a loan service provide­r. It gives out fixed-rate personal loans up to $40,000 to people nationwide. The company offers flexible repayment terms and reasonable interest rates to borrowers with fair to good credit.

Why we like it

Discover has some of the best rates in the industry. Plus, they charge no origination fees or pre­payment penalties. This means that the overall cost of borrowing is less. If you are in a rush, Discover can transfer funds to you on the next business day.

Lender perks
  • Zero origination fees
  • No prepayment penalties
  • Loan funds in one business day
Upstart Logo
EST.APR
7.40% – 35.99%
LOAN AMOUNT
$1k – $50k
LOAN TERM
36 – 60 months
MIN CREDIT SCORE
300
READ REVIEW
SEE DETAILS
Known qualification requirements
  • Be at least 18 years old
  • Prove your US citizenship or permanent residence
  • Provide your bank account information
  • Show your monthly income by providing pay stubs, tax forms, or bank statements
  • Provide an active email address and phone number
Fees
  • Origination fees up to 12%
  • $15 late fee
  • $15 NSF fee
Pros
  • Quick access to loan funds
  • No prepayment penalties
  • Flexible monthly payments
  • Soft credit check when prequalifying
  • Flexible loan amounts
Cons
  • Origination fees up to 12%
  • High maximum annual percentage rate
  • Co-signers aren’t allowed
  • Hard credit checks for final approval
  • Limited repayment loan terms
Time to receive funds

One business day (same-day funding available)

WHO IT’S FOR

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

Overview

Upstart is a financial platform that enables borrowers with low credit to get personal loans with flexible payback options. Its key advantage is same-day funding.

Why we like it

Upstart does not do hard credit checks when you prequalify. In addition, customers can apply in the morning and receive their personal loan by the end of the day.

Lender perks
  • Quick funding (same-day deposit available)
  • Available to borrowers with poor credit
  • Soft credit checks when viewing your rate
Rocket Loans Logo
EST.APR
8.99% – 29.99%
LOAN AMOUNT
$2k – $45k
LOAN TERM
36 – 60 months
MIN CREDIT SCORE
640
READ REVIEW
SEE DETAILS
Known qualification requirements
  • Be at least 18 years old
  • Prove your US citizenship or permanent residence
  • Provide your bank account information
  • Show your 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
Fees
  • Origination fees of up to 9%
  • $15 late fee
  • $15 NSF fee
Pros
  • Low annual percentage rate
  • No prepayment penalties
  • Wide range of available loan amounts
  • Same-day funding under some circumstances
  • Accessible for fair credit borrowers
Cons
  • High origination fee (up to 9%)
  • Hard credit checks when you select your loan to move forward
  • No cosigners are allowed for joint loans
  • It is not available in all states
  • Limited repayment options set at either 36 or 60 months
Time to receive funds

One business day (same-day funding available)

WHO IT’S FOR

Fair credit borrowers who need to cover various personal needs

Overview

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

Why we like it

Rocket Loans has low APRs and no hidden 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
Upgrade Logo
EST.APR
9.99% – 35.99%
LOAN AMOUNT
$1k – $50k
LOAN TERM
24 – 84 months
MIN CREDIT SCORE
None
READ REVIEW
SEE DETAILS
Known qualification 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
Fees
  • Origination fees: 1.85% to 9.99%
  • Late payment fees: $10
  • Non-sufficient funds fees: $10 per payment returned
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
Time to receive funds

As soon as one business day after clearing verification

WHO IT’S FOR

Fair-credit borrowers who need the money quickly

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.

Why we like 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.

Lender perks
  • Rate discounts for auto pay, direct payment, and reward checking
  • Allows to add a co-applicant
  • Mobile app for managing your loan
BadCredify evaluates lenders based on more than 70 rating criteria, including interest rates, repayment terms, eligibility requirements, fees, consumer experience, and affordability. Find out more about our full methodology.

What are Long-Term Loans?

Long-term loans are financial products that allow you to repay the principal plus interest over an extended time in scheduled monthly payments. Their repayment terms range from 24 months to 7 years with some options offering longer periods. Such loans can be used for various personal needs and purposes. Usually, personal loan lenders offer up to $100,000.

Usage and Benefits of Long-Term Loans

People use long-term personal loans for upgrading or renovating 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. Interest rates stay the same over the years, so there will be no surprises because of the economy.
  • Flexible Options. You can customize repayment terms to suit your situation.
  • Credit Building. Handling the loan responsibly boosts your score over time if the lender reports your monthly payments to the major credit bureaus.

Personal Loan Rates & Fees

Personal loan interest rates and fees are always subject to approval. They are determined based on your creditworthiness, income, and the lender’s policies. On average, APRs for traditional loans range from 5.99% to 35.99%, with good credit borrowers being offered lower rates.

Besides interest rates, lenders may also charge fees for processing, late payments, document preparation, early loan repayment, non-sufficient funds, and returned checks. These charges may be expressed as a percentage of the borrowed or due amount or in a flat fee.

Here are a few representative examples of a personal loan cost depending on the loan amount, interest rate, and repayment period.

Loan AmountAPRLoan TermMonthly PaymentTotal Loan CostTotal Interest Paid
$5,0005.99%12 months$430.31$5,163.71$163.71
$5,0008.99%36 months$158.98$5,723.11$723.11
$5,00015.84%60 months$121.17$7,269.94$2,269.94
$10,0007.43%12 months$867.25$10,407.01$407.01
$10,00010.1%36 months$323.14$11,633.1$1,633.1
$10,00018.3%60 months$255.57$15,334.15$5,334.15
$50,0007.56%12 months$4,339.26$52.071.07$2,071.07
$50,00012.99%36 months$1,648.46$60,640.44$10,640.44
$50,00019.86%60 months$1,320.8$79.248.14$29.248.14

These examples are provided based on estimates and for informational purposes only. You can use our loan calculator to determine your particular loan cost based on the personalized offers you get from lenders.

Loan calculator

ESTIMATED MONTHLY PAYMENT

TOTAL LOAN AMOUNT PAID

TOTAL INTEREST PAID

TOTAL COST OF LOAN

Compare Long-term Personal Loans

Before applying for a long-term personal loan, 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 – $100,000$100 – $1,000
Loan Term12 – 84 monthsUp to 6 months
RatesUp to 35.99%28% to 782%
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 requires some steps. Here’s what you need to do:

  1. Check Your Credit Score. Your FICO rating shows lenders how you can manage your finances. Check it and see its standing. This will give you an idea of what loans you may qualify for and highlight areas for improvement.
  2. Research Lenders. Find loan providers that meet your expectations and compare their terms. They can be banks, credit unions, online lenders, or other financial institutions.
  3. Gather Necessary Documentation. You typically need to provide your ID card, pay stubs, bank statements, proof of address, and SSN.
  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 a pre-agreed period, often in 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 you stick to the due dates.

How to Find Long-Term Lenders? 

Before you settle on one loan provider, check diverse loan suppliers, like traditional banks, credit unions, online lenders, and peer-to-peer platforms. Review their rates and terms and choose a lender with the best possible conditions.

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 with favorable terms have minimum credit score requirements. Consider improving your rating before asking for a loan if your score is poor or fair.

Look at what customers say about 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 pre-approved by several loan providers before applying. It lets you know your options and potential terms without a hard check that hurts your credit score.

Why Choose BadCredify

BadCredify is your trusted ally when it comes to finding reliable financial assistance. We simplify the process of comparing loan offers, allowing you to choose the best possible option tailored to your unique needs. By filling out a simple form, you can access multiple personalized offers from legitimate loan providers willing to work with you. Our knowledgeable experts also provide informative guides and lender reviews to help you make informed choices and stay on top of your finances.

We only provide honest and independent opinions and do not receive money for our reviews. This allows us to publish reliable information that is not affected by third parties. When choosing lenders, our team of experts does a thorough research and assesses factors like accessibility, preed of the process, interest rates, repayment terms, and the overall company reputation to ensure your pleasant borrowing experience. Simply provide your basic details now and find out what you can qualify for today.

FAQ

What is the most extended personal loan?

The longest-term personal loans have an 84-month repayment period, funded by SoFi, Lendingtree, Discover, and Upgrade.

Where can I find long-term personal loans?

You can look at options from banks, credit unions, and websites that lend money. Each lender has its own eligibility requirements and terms. Your final choice depends on your credit standing, the required amount, and how fast you need the funds.

When are long-term personal loans a bad idea?

A long-term personal loan may not be the best choice if you need money for small emergencies or are looking for a loan with the lowest possible total cost. It’s also recommended to refrain from borrowing if you experience long-term financial problems or need money for luxurious purchases or unnecessary spending.

Ronald Johnson

FINANCE WRITER AT BADCREDIFY

Ronald specializes in mortgages, personal loans, and small business financing. His articles cover topics such as homeownership, starting a business, and managing personal debt.

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