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Long-Term Personal Loans

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Sometimes we need financing to help cover the cost of a larger purchase, like a roof or car repair. For larger expenses like this, long-term financing is a more suitable option than a short-term loan because it usually provides a higher borrowing limit, longer repayment term and a lower periodic payment.

There is no standard repayment period for a "long-term" personal loan. Nonetheless, "long-term" generally describes a loan with a prolonged repayment schedule — preferable for borrowers looking to spread out payments over a longer period of time.

Repayment periods for personal loans can range from weeks to five years or longer. Banks and lenders are free to set their own loan terms according to what works best for them and what is required by state law, resulting in a wide range of available repayment periods. However, long-term loans tend to have repayment periods of at least three to five years (36 to 60 months).

Pros and Cons
A long-term loan has the benefit of stretching out the repayment schedule, often resulting in lower monthly payments. The additional periodic payments also provide opportunities for borrowers to add positive credit entries to their credit report — this helps to build or rebuild credit scores. The downside to long-term installment loans is that there are extra months of interest charges, potentially resulting in a higher-cost loan.

Get a Long-Term Personal Loan Online through NetCredit
NetCredit provides flexible personal loans suited for long-term financing. You can select the right loan amount and customize your repayment schedule to fit your individual circumstances. Approved customers typically receive funds in their bank accounts by the end of the next business day.

An Easier Personal Loan

NetCredit makes it simple to check you eligibility and receive your funds.

Check Your Eligibility

To get started, fill out our short online form to see what you may qualify for. Thanks to My ScoreSaver™, this won’t affect your credit score.

Personalize Your Offer

You'll learn instantly if you're eligible, and if so, you can use the My RightFit Tool™ to customize your loan amount and repayment terms to best fit your needs.

Borrow and Repay

If approved, your money will be deposited directly into your bank account, typically by the next business day. As you make your scheduled installment payments over time, My CreditBuilder will help you build positive credit history.

Check Your Eligibility

This won’t affect your credit score!