Which Personal Loan Providers Offer Loan Terms Over Five Years

Many people are looking for personal loans that can give them more than 5 years to pay off. A loan that has a long term tends to charge higher interest rate but it can make it easier for you to come up with the funds for making repayment. The following is a list of the top lenders that offer personal loans with repayment term of more than 5 years.

1. Discover
Discover offers personal loans with a maximum loan amount of up to $35,000. The interest rate range for Discover personal loans is in between 6.99% – 24.99%. The loan term it offers for personal loans is in between 36 – 84 months. No interest is charged if you refund the loan within a period of 30 days. There is no origination fee or early repayment fee but there is a late fee charge of $39. Discover offers fast cash deposit within 1 business day after approval. They accept soft inquiry so you can fill in the online application to get a free estimate interest rate. Discover loan is available to residents in 50 states. Repayment can be made several ways including phone, check, or directly deducted from your account. The minimum credit score you need to have to get approved for a personal loan from Discover is 660.

2. Lightstream
Lightstream is a branch of Sun Trust Bank and they offer personal loans with loan amount in between $5,000 -$100,000. Lightstream gives customers the option to choose a loan term in between 24 – 84 months. Depending on the loan term and loan amount, the interest rate can be in between 3.09% – 12.14%. The lower interest rate is offered for customers who choose the auto pay option. If you did not choose the auto-pay option, you will be charged with an interest that is 0.50% higher. LightStream loan cannot be used to refinance another loan that is also applied from LightStream. You can expect to get fast response for the loan application during business hours.

3. Sofi
Sofi offers a loan amount in between $5,000 – $100,000 and fixed interest rate range in between 5.49% – 14.24% for auto pay option. They are offering 0.125% discount for loyal customers who apply for a second loan. There are three loan terms including 3, 5, and 7 years. Sofi offers fast preapproval and they don’t charge an origination fee. Sofi personal loan features unemployment protection which allows borrowers to login into their accounts and pause payment temporarily until they find a new job. Sofi loans is open to residents in 47 states and the minimum credit score required is 660.


In conclusion, above are three lenders that approve loans with a loan term of more than 5 years for personal loans. Signing up with lenders that offer a longer loan term can benefit borrowers that have some financial difficulties and need a cheaper monthly payment.