The 5 Best Long Term Loan Companies

What is a Long Term Loan?

A long term personal loan is essentially any loan with a repayment period longer than around 3 years. Long term personal loans usually offer higher loan amounts, lower interest rates, and are frequently secured to some item of collateral, such as your home or your car. Unsecured long term personal loans will not have lower rates or higher loan amounts because the risk to the lender is still high.

You might want to take out a long term personal loan from one of the best personal loans companies to pay for a really large purchase, like a car, a house, or for ongoing education costs. Long term loans are also good for anyone who can’t afford to make larger monthly payments.

Best Long Term Loan Companies at a Glance

LenderLoan AmountAPRLoan Term
sofiUp to $100,0005.895%-15.615%36-84 months
lendingTreeUp to $35,0004.79%-35.99%3-180 months
lendingclubUp to $40,0005.99%-35.89%36-60 months
GuideToLendersUp to $40,0004.99%-35.99%24-84 months
EVENUp to $100,0004.99%-35.99%24-84 months

Deep Dive into the 5 Best Long Term Loan Companies

We’ve compared five of the most popular online long term personal loan providers so that you can make a well informed decision about the best source of a personal, long term loan:

1. SoFi


  • Loan amount: up to $100,000
  • APR: 5.895% - 15.615%
  • Loan Term: 36-84 months
  • Credit Score: Good/Excellent

The longest repayment period available for unsecured personal loans through SoFi​ is seven years, and there are no secured loans available. One of the main advantages of SoFi for a long term personal loan is its flexibility. SoFi offers both variable rate and fixed rate loans, allows you to change your monthly payment date, and if you miss a payment, they will waive the late fee if you usually pay on time. Also, if you lose your job and have trouble making payments, you can ask for forbearance, where SoFi will permit you to suspend your monthly payments. You can request forbearance for three months at a time for up to 12 months, although the interest will continue to accrue. SoFi also offers members-only social events and networking to help you find a new job.

To qualify for a loan with SoFi, you need a credit score of at least 660 and to show a good amount of income left over after paying your expenses each month. However, there are no minimum income requirements or credit history. SoFi does not charge any fees for arranging the loan, processing a personal check, origination, or any prepayment fees. The late payment fee is only imposed after a 15 day grace period and is $5 or 4%, whichever is lower. SoFi’s low fees, flexible payments, and low APR make it a very good option for long term personal loans.

Check SoFi Rates

2. LendingTree


  • Loan amount: up to $35,000
  • APR: 4.79% - 35.99%
  • Loan Term: 3-180 months
  • Credit Score: Fair/Good/Excellent

LendingTree​ is a loan marketplace which gives borrowers a number of different pre-approved loan quotes from various lenders. The range of APRs is wide – from 5.99% to 35.99% for unsecured personal loans. LendingTree offers unsecured personal loans of up to $35,000, for periods from 3 months to 15 years, and has no minimum credit score requirements.

Higher amounts and lower APRs are available for long term secured loans. LendingTree has home equity loans for up to $150,000 for 30 years at 3.7% APR. An average auto loan of $25,000 can be repaid over 5 years at 3.19% APR. LendingTree is unusual in that it also offers boat loans, RV loans, and powersport loans with no upper limit and for rates as low as 3.35%. LendingTree does not charge any fees, but prepayment charges, late payment fees, and personal check processing fees are all determined by the lender. LendingTree is a good choice for a long term secured personal loan for people who want to compare rates before they commit to a lender.

Check LendingTree Rates

3. LendingClub


  • Loan amount: up to $40,000
  • APR: 5.99% - 35.89%
  • Loan Term: 36-60 months
  • Credit Score: Fair/Good/Excellent

LendingClub​ is a loan marketplace platform that enables peer to peer borrowing. You can receive an unsecured personal loan of up to $40,000 at APRs that range from 5.99% to 35.89%, though its long term loans only stretch to five years. LendingClub doesn’t offer any long term secured loans, but you can turn to it to refinance your car if you have more than 24 months left to pay. LendingClub’s APRs for auto refinancing are 2.24% to 24.99%.

You’ll need to have a long credit history of at least three years and a minimum credit rating of 600 to qualify for a loan through LendingClub, as well as a relatively high monthly income and low debt to income ratio. LendingClub charges an origination fee of 1-6%, $7 for personal check processing, and a late payment fee of 5% or $15, whichever is greater. However, there is no prepayment fee, and if you fall on hard times, you can ask to pay only the interest for up to three months to give you time to get back on your feet.

Check LendingClub Rates

4. GuidetoLenders


  • Loan amount: up to $40,000
  • APR: 4.99% - 35.99%
  • Loan Term: 24-84 months
  • Credit Score: Fair/Good/Excellent

Guide to Lenders is an online loan marketplace that sends your details to loan providers. You’ll be shown a number of pre-approved loan offers and can compare their terms and conditions before you choose. This means that APRs vary depending on which loan provider you select, so all we can tell from Unsecured personal loans through Guide to Lenders range from $1,000 to $40,000 and can be repaid over terms from 24 months to 7 years.

Guide to Lenders does not charge any fees, but there could be extra charges levied by the lender so make sure to check the terms and conditions before you commit. Guide to Lenders doesn’t ask for any minimum credit score. There are long term home equity loans available through Guide to Lenders as well, but no information about rates, amounts, or repayment periods was forthcoming.

Check GuideToLenders Rates

5. Even Financial

Even Financial

  • Loan amount: up to $100,000
  • APR: 4.99% - 35.99%
  • Loan Term: 24-84 months
  • Credit Score: Fair/Good/Excellent

Even Financial is not a direct lender. Instead, it directs borrowers to one of its many trusted lender partners. The APRs available range from 4.99% to 35.99% and you can borrow up to $100,000. Repayment periods extend from 2 to 7 years.

Although Even Financial doesn’t charge any fees for its matching service, the lender you choose might charge an origination fee of 1-6%, prepayment fees, late payment fees, and fees to process a personal check. Even Financial does not seem to offer long term secured personal loans. Even Financial is a good choice for borrowers who need an unsecured long term personal loan for large amounts and want to be able to compare the terms and conditions before they choose.

Check Even Financial Rates

Long Term Loan Advantages and Disadvantages

The advantages of long term personal loans include lower monthly payments and higher maximum loan amounts. On the other hand, you’ll end up paying more interest overall. Higher maximum loan amounts could also tempt you to borrow and spend more than you really need, causing you to end up with higher debt. The application process for long term loans is longer and more stringent as well, and usually, requires you to put up collateral, so aren’t good if you need cash in a hurry.

  • Lower monthly payments
  • Typically higher loan amounts
  • Makes long-term budgeting easier 
  • Can be used to consolidate other debts
  • Higher interest overall
  • Can tempt you to borrow more than needed
  • Longer application proces

The best long term personal loans providers

If you want to take out a long term personal loan, do your research carefully. When you compare your options, check all the fees involved. It's best to look for a loan which permits you to repay it early without charges. You'll also need to decide if you prefer variable or fixed interest rates. Fixed interest rates help you predict exactly what you'll be paying each month, but variable interest rates hold the hope that you'll end up paying less interest if the bank base rate drops.

Now that you know the facts about taking a long term personal loan from one of the top five online lenders, you can choose which one is best for your situation. If you're still unsure about if you should take a personal loan, read our full guide to personal loans. To read more about top personal loan lenders, read our in-depth reviews.

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