CNBC Select's top long-term personal loans for 2024.

While personal loan repayment terms typically fall between two to five years, some lenders may provide longer terms, up to 12 years.

Choosing a longer repayment term for your loan may provide more time to pay off your balance, but it could also result in higher interest costs over the life of the loan. To mitigate this, it's crucial to select a lender who offers competitive interest rates and does not impose early repayment or prepayment penalties.

Our top picks for 2024's best personal loan lenders with longer loan terms have been carefully selected based on several factors, including interest rates, fees, loan amounts, and term lengths offered, as well as other features such as how funds are distributed, autopay discounts, customer service, and the speed of fund distribution. (Learn more about our methodology below.)

Best for borrowing larger amounts

This lender, LightStream, offers personal loans for a wide range of purposes except for higher education and small business. Eligible borrowers can apply for loans ranging from $5,000 to $100,000. This is one of the largest personal loans available.

LightStream offers loans with terms of up to 144 months (12 years), which is longer than any other lender we reviewed. Additionally, it has a Rate Beat Program where it will beat any competitor's unsecured loan by .10 percentage points. Funding can be approved and completed on the same business day if the application process is completed by 2:30 p.m. ET. If this deadline cannot be met, funds can be received the next business day.

Best for borrowing smaller amounts

Upgrade is a fintech company that offers affordable financial products to borrowers with fair credit. It stands out for its personal loan amounts starting at $1,000, making it appealing to those who only need to borrow a smaller amount. Eligible borrowers have up to 84 months (seven years) to repay their loan balance in full. Its personal loans have an origination fee ranging from 1.85% to 9.99% that is deducted directly from your loan proceeds, so be sure to account for this when deciding on the loan amount.

This lender offers a unique service where you can determine your potential loan rate without affecting your credit score. You can do this by providing your desired loan amount and personal information. Additionally, this lender accepts joint applications, which can be beneficial if your credit needs require it. Funds are available as soon as one business day after accepting a loan offer, and there are no penalties for paying off the loan early.

Best for co-applicants

This loan repayment option is for whom? SoFi offers eligible borrowers the flexibility to repay their loans over a maximum of 84 months (7 years) and allows potential borrowers to have a co-applicant. A co-applicant is someone who applies for the loan with you and shares equal responsibility for repaying the full loan amount.

Having a co-applicant with a higher credit score can increase your chances of getting approved for a lower interest rate and better loan terms. This is because lenders view two borrowers with separate sources of income as less risky than a single borrower.

SoFi is a great option for borrowers looking to borrow larger amounts of money, as it allows eligible applicants to apply for up to $100,000. Additionally, SoFi offers both variable and fixed APR options, giving borrowers more flexibility in their loan choices. Before applying, borrowers can check their rate without it affecting their credit score. SoFi members also receive perks such as rate discounts on other SoFi loans and access to financial planners.

Best for next-day funding

This loan option is suitable for those who need funding urgently. Discover Personal Loans offers borrowers funding on the next business day if their application is error-free and the loan is funded on a weekday. However, its maximum loan amount of $40,000 is lower compared to some other lenders on this list.

Before applying, applicants can check their rate online without affecting their credit score through Discover. By shopping around with multiple lenders, applicants can increase their chances of obtaining favorable terms.

Best for borrowing from a credit union

For those who prefer to bank with a credit union to potentially get lower rates and better terms, First Tech Credit Union is ideal. The credit union offers loan terms as long as 84 months.

To be eligible for this loan, you must be a First Tech member. However, there are several ways to become a member, including having a family member who is already a member, working for a partner company, living in Lane County, Oregon, or belonging to the Computer History Museum or the Financial Fitness Association.

Before applying for a two-year loan, you can check your loan rate without affecting your credit score. Additionally, borrowers can defer their first loan payment for up to 45 days after their funding date, which can be helpful for those who need quick funding but need a little more time to start repayments. However, it's important to note that deferring your first payment doesn't defer the interest charges, so you may end up paying more interest over the life of the loan.

Best for secured loan option

What is the purpose of this statement? It explains that most personal loans are unsecured and many lenders do not allow borrowers to secure them with collateral. However, Best Egg offers a unique option to secure a personal loan using permanent fixtures in the home as collateral. These fixtures can include built-in cabinets, light fixtures, and shelving, among others. According to the lender's website, borrowers do not need to put up personal possessions or the home itself as collateral with this option.

Best Egg offers repeat borrowing, but the total outstanding loan balance cannot exceed $100,000 when applying for a second loan. Borrowers are charged an origination fee of 0.99% to 8.99%, which is deducted from the loan proceeds. To be eligible for a term of up to 84 months, borrowers must apply for the secured loan option. Otherwise, the maximum loan term is 60 months.

Common personal loan definitions you should know

Here are some common personal loan terms you need to know before applying.

• Co-applicants or joint applications: A co-applicant is someone who helps you qualify for a loan by attaching their name and financial details to your application. They can be a co-signer or a co-borrower. Having a co-applicant can be beneficial when your credit score is low or if you're a young borrower with limited credit history. If your co-applicant has a good credit score, you may be offered better loan terms, such as a lower APR and a larger loan amount. However, both applicants' credit scores will be affected if the loan is not paid back, so it's important to choose a co-applicant with whom you feel comfortable sharing financial responsibility.
• If a co-signer agrees to help you qualify for a loan, they are only responsible for making payments if you are unable to. The co-signer does not receive the loan, nor do they necessarily make decisions about how it is used. However, the co-signer's credit will be negatively affected if the main borrower misses payments or defaults.
• Unlike a co-signer, a co-borrower is responsible for repaying the loan and has a say in how it is used. Co-borrowers are typically involved in decisions about how the loan is spent. Some lenders only accept two co-borrowers who live at the same address, as this suggests that they are jointly responsible for managing their finances. If either co-borrower fails to make payments or defaults, both of their credit scores will be negatively impacted.
• Lenders may offer direct payments when you choose debt consolidation as the reason for obtaining a personal loan. Through direct payments, the lender will pay your creditors and then deposit any remaining funds into your checking or savings account. It is recommended to continue making payments until your account balance is fully paid off to avoid additional late fees and interest charges.
• Before accepting a loan, be aware of the possibility of an early payoff penalty. Lenders may charge a fee if you pay off your debt early, which could be equal to the remaining interest, a percentage of your payoff balance, or a flat rate.
• An origination fee is a one-time charge that your lender deducts from your loan to cover administrative and processing expenses. It typically ranges from 1% to 5%, but can sometimes be a flat-rate fee. For instance, if you borrowed $20,000 and paid a 5% origination fee, you would receive $19,000 when you received your funds. Your lender would keep $1,000 of the loan amount, and you would still need to repay the full $20,000 plus interest. It's best to avoid origination fees if possible. Having a good to excellent credit score can help you qualify for loans that don't have origination or administrative fees.
• Secured versus unsecured loans: While most personal loans are unsecured, you can use collateral to secure a loan if your credit score is poor and you struggle to qualify for the best loans. By putting an asset up as collateral, you give your lender the right to repossess it if you fail to repay your debts on time and in full.

Why trust CNBC Select?

Our mission at CNBC Select is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make well-informed decisions when it comes to their finances. Each personal loan review we publish is the result of thorough reporting by our team of expert writers and editors, who possess extensive knowledge of loan products. At CNBC Select, we maintain the highest journalistic standards and ethics, and we earn a commission from affiliate partners on many offers and links. However, our content is created independently, without any input from our commercial team or external third parties. To learn more about our methodology and how we select the best long-term personal loans, please refer to our website.

Our methodology

CNBC Select evaluated numerous U.S. personal loans from various banks, including credit unions, that do not charge origination or signup fees, have fixed-rate APRs, and offer flexible loan amounts and terms to meet diverse financing requirements.

We prioritized the following features when evaluating and ranking personal loans.

• No upfront fee for loan processing: Our top lenders do not charge borrowers for loan processing.
• A fixed rate APR ensures that your monthly payment remains constant, making it easier to plan your budget. However, variable rates may fluctuate over the course of your loan.
• Each lender offers a range of financing options that you can tailor to your monthly budget and repayment timeline.
• Our list of lenders does not charge borrowers for paying off loans early.
• We evaluated lenders' same-day approval decisions and fast online application processes for a streamlined application process.
• Our customer support team offers customer service via telephone, email, or secure online messaging for every loan on our list. Additionally, we have chosen lenders with an online resource hub or advice center to help you educate yourself about the personal loan process and your finances.
• Disbursement of funds: Our loans provide prompt payment through electronic wire transfer or paper checks. Some lenders allow direct payment to creditors.
• Autopay discounts: We observed that certain lenders offer incentives for enrolling in autopay, which can result in a reduction of your APR by 0.25% to 0.5%.
• Loan sizes and payment limits: The lenders offer loans ranging from $500 to $100,000. Each lender specifies its payment limits and loan sizes, and a preapproval process can help you determine your interest rate and monthly payment for a specific amount.

We ranked our recommendations based on their suitability for various financing requirements, including borrowing large sums, having no fees, being accessible to individuals with low credit scores, and providing next-day funding.

The interest rate and monthly payment for personal loans may change based on the Fed rate, but once you agree to the loan agreement, a fixed-rate APR will ensure consistency throughout the loan term. Your APR, monthly payment, and loan amount are determined by your credit history and creditworthiness. To obtain a loan, lenders will perform a hard credit inquiry and require a full application, which may include proof of income, identity verification, proof of address, and more.

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