What are the best long-term installment loans? This question is about Best Installment Loans of December 2022

The best long-term installment loans are from LightStream because the company offers repayment periods of 24 - 84 months. LightStream also offers loan amounts of $5,000 - $100,000, APRs of 5.99% - 22.49% and no origination fee. Best Long-Term Installment Loans Lender Repayment Period Loan Amounts APR Credit Score Requirement LightStream 24 - 84 months $5,000 - $100,000 5.99% - 22.49% 660* SoFi 24 - 84 months $5,000 - $100,000 7.99% - 23.43% 680 Discover 36, 48, 60, 72 or 84 months $2,500 - $35,000 5.99% - 24.99% 660* Marcus by Goldman Sachs 36 - 72 months $3,500 - $40,000 6.99% - 24.99% 660 Best Egg Up to 60 months $2,000 - $50,000 7.99% - 35.99% 640 FreedomPlus 24 - 60 months $5,000 - $50,000 7.99% - 29.99% 620 60MonthLoans 24-60 months $2,600 - $10,000 19.24% - 69.5% None *According to multiple third-party sources. You should also consider alternatives to long-term installment loans when doing your research. Asking a family member or friend for a loan or using a credit card to finance your expense may work better in your situation. However, if an installment loan is your best bet, you can find more options among our editors'picks for the best installment loans overall. You can also estimate your approval odds and rates from multiple lenders with the free pre-qualification tool on WalletHub.

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What are the best long-term installment loans?

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This question is about Best Installment Loans of December 2022

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Grace Enfield, Content Writer

@grace_enfield • 02/01/22 This answer was first published on 02/01/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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The best long-term installment loans are from LightStream because the company offers repayment periods of 24 - 84 months. LightStream also offers loan amounts of $5,000 - $100,000, APRs of 5.99% - 22.49% and no origination fee.

Best Long-Term Installment Loans

Lender	Repayment Period	Loan Amounts	APR	Credit Score Requirement
LightStream	24 - 84 months	$5,000 - $100,000	5.99% - 22.49%	660*
SoFi	24 - 84 months	$5,000 - $100,000	7.99% - 23.43%	680
Discover	36, 48, 60, 72 or 84 months	$2,500 - $35,000	5.99% - 24.99%	660*
Marcus by Goldman Sachs	36 - 72 months	$3,500 - $40,000	6.99% - 24.99%	660
Best Egg	Up to 60 months	$2,000 - $50,000	7.99% - 35.99%	640
FreedomPlus	24 - 60 months	$5,000 - $50,000	7.99% - 29.99%	620
60MonthLoans	24-60 months	$2,600 - $10,000	19.24% - 69.5%	None

*According to multiple third-party sources.

You should also consider alternatives to long-term installment loans when doing your research. Asking a family member or friend for a loan or using a credit card to finance your expense may work better in your situation.

However, if an installment loan is your best bet, you can find more options among our editors'picks for the best installment loans overall. You can also estimate your approval odds and rates from multiple lenders with the free pre-qualification tool on WalletHub.

Answer Question

What are long-term installment loans?

What are three common types of loans?

Three common types of loans are personal loans, auto loans and mortgages. Most people buy a home with a mortgage and new cars with an auto loan, and more than 1 in 5 Americans had an open personal loan in 2020.

There are a number of differences between these types of loans, including what they're used for, loan amounts, APRs, payoff periods and collateral required. But one thing most loan types have in common is that the borrower gets a lump sum of money up front and pays it off over time.… read full answer

Three Common Types of Loans Compared

Loan Type	Personal Loans	Auto Loans	Mortgages
Uses	Nearly anything	Purchasing a car	To purchase a house
Payoff periods	1 to 12 years	2 to 6 years	Up to 30 years
Collateral required	None	The vehicle being financed	The home’s title
APR	2.5% to 36%	3% to 7%	3% to 6%
Loan amounts	$1,000 to $100,000	Varies by vehicle	Depends on your income and credit
Credit score required	580+	No universal minimum	620+ for conventional loans

If you're interested in a personal loan, check out the free pre-qualification tool on WalletHub. This tool allows you to see which lenders may approve you and what rates may be available to you.

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What are 2 types of installment loans?

Two of the most common types of installment loans are personal loans and mortgages. Both personal loans and mortgages offer lump sums of money that borrowers get up front and then have to repay in equal installments over time, usually monthly.

Two Types of Installment Loans

Personal loans: Personal loans… read full answer are installment loans that can be used for nearly anything. They typically range from $1,000 to $100,000, with payoff periods of 12 to 84+ months, depending on the lender. Personal loan APRs are usually between 4% and 36%. The credit score requirement for a personal loan is typically between 580 and 700. You can see if you are pre-qualified without hurting your credit score using WalletHub's free pre-qualification tool.

Mortgages: Mortgage loans allow people to buy a house without having enough money to pay for it up front. The borrower can live in the house before they’ve paid the full price for it, but the financial institution that issued the loan owns the title to the home until the mortgage is fully paid off. Mortgages are secured by the home, so if the borrower doesn’t pay off the loan, they may lose the home.

Final Thoughts

Other types of installment loans include student loans, car loans and credit-builder loans. Ultimately, you need to choose an installment loan based on what you can qualify for, your financial standing and what you need the loan for.

If you’re ready to start comparing loan options, visit WalletHub’s best installment loans page.

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