CNBC Select's best long-term personal loans of 2024

Personal loan repayment terms often range between two to five years. However, some lenders offer terms that are longer than that — sometimes as long as 12 years.

A longer repayment term means more time to repay your balance and, as a result, likely smaller monthly payments. On the flip side, a longer term could mean spending more on interest over the life of the loan, so it's important to choose a lender that offers lower interest rates and doesn't charge early payoff or prepayment penalties in case you decide to repay the balance quicker.

With that in mind, here are CNBC Select's picks for 2024's best personal loan lenders that offer longer loan terms. We considered key factors like interest rates, fees, loan amounts and, of course, term lengths offered, plus other features including how your funds are distributed, autopay discounts, customer service and how fast you can get your funds. (Read more about our methodology below.)

Who's this for? LightStream is an online lender that offers for nearly every purpose except for higher education and small business. It allows eligible borrowers to apply for as little as $5,000 and as much as $100,000 in funding. This is one of the largest personal loans you can get.

Standout benefits: LightStream offers loans with terms as long as 144 months (12 years), which is longer than any other lender we reviewed. It also offers a Rate Beat Program in which it will beat any competing lender's unsecured loan by .10 percentage points. Loans can be approved and funded as soon as the same business day if you complete the application process by 2:30 p.m. ET. If you can't make this deadline, you should be able to receive your funds the next business day.

Who's this for? Upgrade is a fintech company that aims to provide affordable financial products. It stands out for considering borrowers with fair credit. It offers personal loan amounts starting at $1,000, which makes 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.

Standout benefits: This lender lets you check what rate you may qualify for based on self-reported information, such as your desired loan amount and personal information, without impacting your credit score. It also accepts joint applications, which can be useful if your credit needs work. Funds are available as soon as one business day after accepting a loan offer and there are no prepayment penalties for paying a loan off early.

Who's this for? SoFi allows eligible borrowers to repay their loans over up to 84 months (seven years) and allows potential borrowers to have a co-applicant. A co-applicant is someone who applies for the loan with you and is equally responsible for paying back the full loan amount.

In many cases, having a co-applicant can be advantageous since a co-applicant with a higher credit score can help you get approved for a lower interest rate and other more beneficial terms. The idea is that you may be seen as a less risky borrower since two individuals, each with a source of income, are signing on to repay the entire loan.

Standout benefits: SoFi allows eligible borrowers to apply for as much as $100,000, making it another solid contender for those who need to borrow larger amounts of money. Loan applicants can choose between variable and fixed APR, which isn't always an option most lenders only offer fixed-rate personal loans. It also allows applicants to check their rate before applying without impacting their credit score. SoFi members also enjoy various perks like rate discounts on other SoFi loans and complimentary access to financial planners.

Who's this for? Discover Personal Loans provides borrowers funding as soon as the next business day as long as their application is error-free and the loan is funded on a weekday. This option is handy if you require funding in a pinch. However, its maximum loan amount of $40,000 is on the lower end compared to some other lenders on this list.

Standout benefit: Discover allows applicants to check their rate online before applying without impacting their credit score. Shopping around with a few lenders can help increase your odds of landing terms that work best for you.

Who's this for? First Tech Credit Union is ideal for those who prefer to bank with a credit union to potentially get lower rates and better terms. The credit union offers loan terms as long as 84 months.

You must be a First Tech member to apply for this loan, but there are many ways to join. You can qualify if someone in your family is already a member, you or a family member work for a partner company, you live in Lane County, Oregon or you belong to the Computer History Museum or the Financial Fitness Association.

Standout benefits: You can check your two-year loan rate before applying without impacting your credit score. Borrowers have the option to defer their first loan payment for up to 45 days after their funding date, which can be useful for those who need quick funding and a little more time to start repayments. Just keep in mind 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.

Who's this for? Most personal loans are unsecured and many lenders don't offer the ability to secure them with collateral. However, Best Egg offers the option to secure a personal loan using permanent fixtures in your home as collateral. Permanent fixtures can include built-in cabinets, light fixtures, shelving and more. With this option, borrowers do not need to put up personal possessions or the home itself as collateral, according to the lender's website.

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

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

• Co-applicants or joint applications: A co-applicant is a broad term for another person who helps you qualify by attaching their name (and financial details) to your application. A co-applicant can be a co-signer or a co-borrower. Having a co-applicant can be helpful when your credit score isn't so great, or if you're a young borrower with little credit history. If your co-applicant has a good credit score, you might be offered better terms, including qualifying for a lower APR and/or a bigger loan. At the same time, both applicants' credit scores will be affected if you don't pay back your loan, so be sure that your co-applicant is someone you feel comfortable sharing financial responsibility with. 
• Co-signers: A co-signer agrees to help you qualify for the loan, but 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-signers credit will be negatively affected if the main borrower misses payments or defaults.
• Co-borrower: Unlike a co-signer, a co-borrower is responsible for paying back the loan and deciding how it is used. Co-borrowers are usually involved in decisions about how the loan is used. Some lenders will only consider two co-borrowers who share a home or business address, as this is a firm indicator that they are sharing the responsibility of money in mutually beneficial ways. Both co-borrowers' credit scores are on the hook if either one stops making payments or defaults.
• Direct payments: Some lenders offer direct payments when you select debt consolidation as the reason for taking out a personal loan. With direct payments, the lender pays your creditors directly, and then deposits any leftover funds into your checking or savings account. Until you see your account balance is fully paid off, it's best to keep making payments so that you don't get hit with additional late fees and interest charges.
• Early payoff penalty: Before you accept a loan, look to see if the lender charges an early payoff or prepayment penalty. Because lenders expect to get paid interest for the full term of your loan, they could charge you a fee if you make extra payments to pay your debt down quicker. The fees could equal either the remaining interest you would have owed, a percentage of your payoff balance or a flat rate.
• Origination fee: An origination fee is a one-time upfront charge that your lender subtracts from your loan to pay for administration and processing costs. It is usually between 1% and 5%, but sometimes it is charged as a flat-rate fee. For example, if you took out a loan for $20,000 and there was a 5% origination fee, you would only receive $19,000 when you got your funds. Your lender would get $1,000 of the loan off the top, and you'd still have to pay back the full $20,000 plus interest. It's best to avoid origination fees if possible. Having a good to excellent credit score helps you qualify for loans that don't have origination or administration fees. 
• Unsecured versus secured loans: Most personal loans are unsecured, meaning they are not tied to collateral. However, if your credit score is less-than-stellar and you're finding it hard to qualify for the best loans, you can sometimes use a car, house or other assets to act as collateral in case you default on your payments. When you put an asset up as collateral, you are giving your lender permission to repossess it if you don't pay back your debts on time and in full.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every personal loan review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best long-term personal loans.

To determine which long-term personal loans are the best, CNBC Select analyzed dozens of U.S. personal loans offered by both online and brick-and-mortar banks, including large credit unions, that come with no origination or signup fees, fixed-rate APRs and flexible loan amounts and terms to suit an array of financing needs.

When narrowing down and ranking the best personal loans, we focused on the following features:

• No origination or signup fee: None of the lenders on our best-of list charge borrowers an upfront fee for processing your loan.
• Fixed-rate APR: Variable rates can go up and down over the lifetime of your loan. With a fixed rate APR, you lock in an interest rate for the duration of the loan's term, which means your monthly payment won't vary, making your budget easier to plan.
• Flexible minimum and maximum loan amounts/terms: Each lender provides a variety of financing options that you can customize based on your monthly budget and how long you need to pay back your loan.
• No early payoff penalties: The lenders on our list do not charge borrowers for paying off loans early.
• Streamlined application process: We considered whether lenders offered same-day approval decisions and a fast online application process. 
• Customer support: Every loan on our list provides customer service available via telephone, email or secure online messaging. We also opted for lenders with an online resource hub or advice center to help you educate yourself about the personal loan process and your finances.
• Fund disbursement: The loans on our list deliver funds promptly through either electronic wire transfer to your checking account or in the form of a paper check. Some lenders (which we noted) offer the ability to pay your creditors directly.
• Autopay discounts: We noted the lenders that reward you for enrolling in autopay by lowering your APR by 0.25% to 0.5%.
• Creditor payment limits and loan sizes: The above lenders provide loans in an array of sizes, from $500 to $100,000. Each lender advertises its respective payment limits and loan sizes, and completing a preapproval process can give you an idea of what your interest rate and monthly payment would be for such an amount.

After reviewing the above features, we sorted our recommendations by best for overall financing needs, borrowing larger amounts, no fees, low credit scores and next-day funding.

Note that the rates and fee structures advertised for personal loans are subject to fluctuate in accordance with the Fed rate. However, once you accept your loan agreement, a fixed-rate APR will guarantee interest rate and monthly payment will remain consistent throughout the entire term of the loan. Your APR, monthly payment and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more. 

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