Top Lenders Offering 10 Year Personal Loans: Rates and Terms Comparison
When it comes to borrowing money, personal loans have become a popular choice among consumers. Unlike credit cards, personal loans allow you to borrow a lump sum of money at once, then repay the loan over a set period of time in equal monthly installments. While most personal loans have repayment terms ranging from one to seven years, some lenders offer loans with longer terms, up to 10 years. In this post, we’ll explore some top lenders offering 10-year personal loans and the rates and terms of these loans.
1. LightStream
LightStream, a division of SunTrust Bank, offers unsecured personal loans with loan amounts ranging from $5,000 to $100,000 and terms up to 12 years. The lender’s rates are competitive, with APRs starting at 3.99% for borrowers with excellent credit. LightStream also offers a rate beat program, which means it will beat any competitor’s rate by 0.10 percentage points, provided the competitor’s loan has the same terms and conditions as LightStream’s.
2. SoFi
SoFi is a modern finance company that offers personal loans with terms up to seven years. However, the lender has a unique program called the SoFi Personal Loan Accelerator, which allows you to customize your loan term between three and seven years. SoFi’s rates are competitive, starting at 5.99% APR for borrowers with excellent credit. Plus, the lender doesn’t charge origination fees, prepayment penalties, or late fees.
3. Marcus by Goldman Sachs
Marcus by Goldman Sachs offers personal loans with terms up to six years. However, the lender recently introduced a 10-year personal loan product, which is currently only available in select states. Marcus’ rates are highly competitive, with APRs starting at 6.99% for borrowers with excellent credit. Additionally, the lender doesn’t charge origination fees, prepayment penalties, or late fees.
4. Discover Personal Loans
Discover Personal Loans offers unsecured personal loans with loan amounts ranging from $2,500 to $35,000 and terms up to seven years. However, the lender’s ‘Debt Consolidation Loans’ program offers terms up to 10 years. Discover’s rates are competitive, with APRs starting at 6.99% for borrowers with excellent credit. Additionally, the lender doesn’t charge origination fees, prepayment penalties, or late fees.
5. American Express
American Express, best known for its credit cards, also offers personal loans with terms up to seven years. However, the lender recently introduced a 10-year personal loan product. American Express’ rates are competitive, with APRs starting at 6.98% for borrowers with excellent credit. Additionally, the lender doesn’t charge origination fees, prepayment penalties, or late fees.
In conclusion, when looking for a 10-year personal loan, consider the interest rate, origination fee, prepayment penalty, loan amount, loan term, and repayment options. Before you apply, compare multiple lenders’ rates and terms to ensure you get the best deal for your borrowing needs. Remember, while a longer loan term may result in lower monthly payments, you’ll end up paying more interest over the life of the loan.
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