Long-term personal loans are funds you can borrow from a lender with a repayment period of one to six years, or longer. Approval usually doesnâ€™t take long, and you could get funding as soon as the same day.
Long-term loans can help you consolidate high-interest debt by offering a lower APR. Plus, you only need to worry about one monthly payment. But these loans can have high APRs, depending on your credit, and origination fees and prepayment penalties.
LightStream is the online lending division of SunTrust Bank.… Read More
*Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66.
LightStream offers long-term personal loans with hard-to-beat interest rates and no origination fees. Among the lenders listed here, they also have the widest range of personal loan repayment periods and borrowing limits (from $5,000â€“$100,000). However, a long repayment term means you could be paying for your personal loan for much longer than youâ€™d like.
Minimum Credit Score
Payoff is a financial services firm that offers personal loans mainly to help consolidate credit card debt.… Read More
All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.
Strictly for credit card consolidation, Payoff can have you paying down your debt within 36 to 60 months, a comparable timeframe to the other lenders listed here (with the exception of LightStream, and its wide-ranging terms). Payoff offers the second-lowest APR range in the list, along with one of the lowest origination fees â€” if thereâ€™s one at all â€” which can possibly save you more money. You can borrow from $5,000 to $35,000.
Minimum Credit Score
People looking for a process that is fast and straightforward canâ€™t go wrong when applying through Best Egg for a personal loan. … Read More
The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99% to 29.99%, which may include an origination fee from 0.99% – 5.99% that is deducted from loan proceeds. Any origination fee on a loan term 4-years or longer will be at least 4.99%. The loan term and the APR offered will depend on your credit score, income, debt payment obligations, loan amount, credit usage history and other factors. Additionally, the APR offered is impacted by your loan term and may be higher than our lowest advertised rate. Requests for the highest loan amount may result in an APR higher than our lowest advertised rate. You need a minimum 700 FICOÂ® score and a minimum individual annual income of $100,000 to qualify for our lowest rate.
Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender. “Best Egg” is a trademark of Marlette Funding, LLC. All uses of “Best Egg” on this site mean and shall refer to “the Best Egg personal loan” and/or “Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan,” as applicable. Loan amounts generally range from $3,000-$35,000. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least four months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,000; in NM, OH must exceed $5,000; in GA must exceed $3,000. Borrowers should refer to their loan agreement for specific terms and conditions. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank's policies.
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.
Similar to Payoff, Best Egg requires a fair credit score of 640 or higher. This means you might be more likely to get a long-term loan with one of these lenders even if you donâ€™t have excellent credit. But unlike Payoff, you can borrow less with Best Egg ($3,000 to $35,000), so you arenâ€™t taking out more than you may be able to handle.
Minimum Credit Score
Upstart is an online lender created by ex-Googlers.… Read More
Upstart offers similar loan terms to other lenders on the list, but its minimum credit score requirement is lower. Additionally, while Best Egg offers the option to borrow a relatively low loan amount, Upstart challenges that with borrowing amounts from $1,000 up to $50,000. However, Upstart has the highest APR of the four long-term loan companies listed here.
Qualifying for a personal loan if you donâ€™t have good credit can be an obstacle. However, thatâ€™s not to say itâ€™s impossible. When shopping for lenders, youâ€™ll want to look for those that donâ€™t just look at your credit score. While your credit score is important, some lenders will look at other factors, such as your income level, how long youâ€™ve held down your job and whether you pay your bills on time.
Just know that lenders who approve someone with bad credit may offer higher interest rates and smaller loans.
In addition to personal loans, there are some alternative options that someone with bad credit â€” or anyone â€” may consider if they need a long-term loan:
Long-term loan advantages and disadvantages
Pros of long-term personal loans
Cons of long-term personal loans
Long-term personal loans can be a good idea for those who are eager to consolidate debt with high APRs â€” that is, if youâ€™re able to find a personal loan with a better rate. Those with excellent credit scores are more likely to find better APRs and save money. But if your credit is on the lower side, you might be stuck with a high APR and end up spending more.
With long-term personal loans, youâ€™ll only have one payment each month to worry about. Plus, youâ€™ll have a specific loan repayment term that will give you a good idea of when your loan will be paid off.
However, long-term loans might not be the best choice for those with less-than-stellar credit. They also may not be a good option if you plan to use the money for luxury items, such as travel or shopping. You want to make sure you are using a personal loan for the right reason: to help get out of debt rather than push yourself deeper into it.
If youâ€™re considering taking out a personal loan but are unsure whether itâ€™s worthwhile, this personal loan calculator can help. Youâ€™ll be able to get a clear estimate of how much your payments will be and how long it will take to pay off the loan. Having an idea of how a personal loan works and how it will fit into your finances will help you decide whether you can afford it or if you should look for another option.
Some lenders may also offer short-term financing, which may be another option to explore. The major difference between short-term and long-term loans is the time itâ€™ll take to pay it off. A short-term loan is usually paid off in less than a year, sometimes sooner.
A short-term loan might be a good idea for those looking for a smaller loan amount that wonâ€™t take them too long to pay back. For example, a short-term loan may be better than a long-term loan for a medical emergency or a new appliance for the home.
But remember, you wonâ€™t have a lot of time to pay back a short-term loan. Itâ€™s also always important that you look for reputable lenders when shopping around for these loans. There are many lenders out there offering short-term loans with sky-high interest rates, which can escalate your ongoing debt instead of helping to bring it down.
The process of getting a long-term loan can be quite easy, since everything is usually done online. As long as you have the right tools and documents, youâ€™ll be able to find out whether you qualify for a long-term loan in no time.
Here is a simple guide to the step-by-step process of shopping and applying for a long-term personal loan:
Step 1: Check your credit score: Your credit score will likely come into play when applying for a long-term loan, so itâ€™s best to know what it is before you apply. The good news is you can check your credit score without it costing you anything or impacting your credit.
If your credit score is high, youâ€™ll have a better chance of securing lower interest rates. Even if you have a lower score, this may not ruin your chances of getting a personal loan, though. Lenders also look at your overall credit history, as well as whether youâ€™ve paid your bills on time and how much outstanding debt you have.
Step 2: Shop around. Before deciding on a lender, itâ€™s important to shop around to find the best rates and terms. You can do this by completing a quick and easy personal loan form found online at LendingTree, the parent company to MagnifyMoney. Here, you can compare different personal loan offers by simply filling out basic information, like how you intend to use the loan, how much you want to borrow and where you currently live.
Step 3: Prequalify. After youâ€™ve shopped around, you can see whether you prequalify with the lender of your choice. During the prequalification process, youâ€™ll fill out a form with the lender only using a soft credit pull, so your credit score is not impacted. But prequalifying doesnâ€™t guarantee approval on a loan â€” to be approved, youâ€™ll also have to complete a full application that includes a hard credit inquiry that can briefly drop your score, though it should bounce back quickly.
Step 4: Apply. Once youâ€™ve prequalified, you will then apply for the loan. The application process will require more than basic information. When you apply, youâ€™ll likely need to provide a photo ID, along with proof that youâ€™re employed and have stable income; other potentially-required documents could include your tax return and bank statements. Depending on the lender, you can usually find out whether you have been approved for a personal loan rather quickly, and could even get the funds the day you are approved.