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Timothy R
By: timothy-ronaldson
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Top 5 Medium and Long-Term Personal Loans

Medium and long-term personal loans can be very beneficial because they mean more payments thanks to the extended term. As a result, the monthly payments are lower.

While you find many personal loan companies online, not all of them offer terms that are good for most people. One of the biggest questions people have when looking into these loans is “how long are personal loan terms?” 

That’s not always a simple question to answer, unfortunately. So let’s take a look at some more details about personal loans, focusing on some of the best long-term personal loans available.

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Personal loans can be a great way to help fund smaller projects around the house, a new business idea, an opportunity to invest, or simply to help get you through a challenging financial time.

How Long are Personal Loan Terms?

There are three main types of personal loan terms.

  • Short-term loans typically have a repayment period of less than one year. 
  • Medium-term loans have repayment periods of between one and five years. 
  • Long-term personal loans usually have repayment periods of more than five years.

Many people prefer to get medium or long-term personal loans because the monthly payments are typically lower with these types of loans. 

For example, if you borrow $5,000 and have to repay it in 12 months, your monthly payments would be $416—and that’s not even counting interest rates or origination fees.

But that same loan, for repaid in 24 months, would have payments of $208. Now, that’s a better offer.

This is one of the main reasons why medium and long-term personal loans are the preferred options. Those are the two that we will spotlight in this article. Keep reading to find some of the best long-term personal loan direct lenders.

How long is the average term on a personal loan?
For unsecured personal loans, the average term is somewhere between one and five years. 

5 Best Long-Term Personal Loans and Medium-Term Loans

Here are some of the best medium and long-term personal lenders with great offerings today.

1. Camino Financial

camino financial logo

Medium-term personal loans with minimum requirements

A great alternative to long-term personal loans is a medium-term loan with Camino Financial. We offer loan repayment terms of one to three years. 

There are many advantages to taking out a medium-term personal loan with Camino Financial. Our Solopreneur loan can help people who are seeking financial independence.

We can offer loans between $1,500 and $7,500, with a fixed APR for the life of the loan of 33% to 35%. 

The best part about all our loans is they are much easier to qualify for than many other personal loans with long-term payments.

We accept applications from people who have either an ITIN or SSN.

You just have to be current with your outstanding debt, have a bank account that’s been active for at least six months, and have at least $1,500 in monthly income. 

We can even offer more cash at better loan terms after you make your first eight timely payments!

Plus, you don’t have to have a previous credit history to apply. That makes us one of the best long-term personal loans.

If you’re in the market for a personal loan, why not try Camino Financial?

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It doesn’t matter if you need a short, medium or long term loan, online lenders are a great alternative.

2. SoFi

sofi logo

Bigger long-term personal loans

SoFi is one of the newer online long-term personal loan lenders, and they’re becoming very popular because of their offerings.

Their loans start at $5,000 and top off at $40,000. They offer low-interest long-term personal loans: their estimated APR  can vary between 4.99% to 19.63%. They also offer repayment periods of between two and seven years.

You do have to have credit score of 680 to qualify for a SoFi loan, though. 

Other qualification requirements include: you must be a permanent resident, visa holder, or U.S. citizen. You also must be employed, have enough income, or have an offer to start employment in the next 90 days.

You have to have a Social Security number to apply, too. They don’t offer ITIN loans.

3. Marcus by Goldman Sachs

Marcus by Goldman Sachs logo

Long-term personal loans with no fees

Marcus by Goldman Sachs offers long-term personal loans with repayment terms between three and six years.

They require a relatively high FICO credit score of 660.

You can get a loan amount of between $3,500 and $40,000 with them. They offer estimated APRs of between 6.74% and 19.74% as well. They ask for proof of your income, which may include pay stubs that are recent and bank statements. 

One of their benefits is that they don’t charge any loan fees (no origination, prepayment, late payment, or insufficient fund fees).

You also must have a SSN or an Individual Tax ID number to apply.

4. LightStream

lightstream logo

Low-interest long-term personal loans

Lightstream is another decent option for people who need personal loans with long-term payments. They offer loan repayment terms between two to seven years to offer some flexibility for people who need lower monthly payments (that makes them some of the best personal loans with longer repayment terms).

You can take out a loan of between $5,000 and $30,000 with them. Their estimated APRs are between 4.49% and 20.49%. 

With Lightstream, you will need to have solid credit of 660 to qualify. 

They require a credit history of several years, and they may also ask for evidence that you have enough money in the bank and enough income to repay the loan.

You have to have a SSN to apply, as they do not accept ITINs.

5. Discover Personal Loans

Discover logo

Best personal loans with longer repayment terms

Discover is known for its credit cards, but they also offer long-term personal loans. They offer loan repayment terms between three and seven years.

You can take a loan of between $2,500 and $35,000 with them. They offer estimated APRs of between 6.99% and 24.99%.

You need a high credit score of 660 to be approved, though.

Most Discover Personal Loan borrowers have an average credit score of 750, though. This is quite high for the average borrower.

They also don’t accept ITINs, as you have to have an SSN.

You need to have a household income of at least $25,000 and be either a U.S. citizen or a permanent resident to qualify. 

Are there any long-term personal loans for bad credit?
If you need long-term personal loans for bad credit, don’t worry, there might still be some options out there for you. Depending on your situation, Camino Financial can work with you.

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Where to Get a Long-Term Personal Loan?

There are many options when you’re looking for personal loans with long-term payments, but Camino Financial is by far the best option for you, even if we offer medium-term personal loans. 

While many long-term personal loan lenders offer good terms for personal loans, many have stringent requirements that eliminate most borrowers.

At Camino Financial, we know that it’s not easy finding the cash you need. That’s why we created our Solopreneur loan to help you with favorable repayment terms and more accessible qualifications. 

Filling out an application is simple, too.

You can complete the entire process online in less than 10 minutes and quickly receive a decision. What’s more, once you are approved, you can get your money quickly.

If you need money to achieve financial independence, apply for a loan today with Camino Financial.  

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