Compare 24-month personal loans

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Your monthly payments may be higher, but that means you’ll be out of debt faster.

If you want to avoid paying hundreds of dollars in interest by making multiple years of repayments, then a 24-month personal loan may be for you. However, how much you can borrow — along with your interest rate and fees — will depend on the lender you choose and your financial situation.

Where can I find a 24-month personal loan?

Although it can be a little more difficult to find lenders that offer terms as short as two years, you still have options.

  • Online lenders. Online lenders tend to offer personal loans with shorter terms than traditional banks. And they often have less-stringent credit requirements — ideal if you’ve hit a slump in your finances.
  • Banks. Many banks offer competitive rates on personal loans, but you typically need to have good to excellent credit to qualify. And you might have a hard time finding a term for less than three years.
  • Credit unions. If you’re already a member, you may want to consider borrowing a personal loan from a credit union. These tend to have the most competitive rates with the widest variety of terms.

Can I get a two-year loan with bad credit?

Yes, it’s possible to get a 24-month loan with bad credit. However, your options might be limited depending on the laws of your state. If you don’t meet the credit requirements set by a more traditional lender, you may need to consider an installment loan as a secondary option. However, these tend to have high APRs — sometimes over 300% — that could make repaying your loan difficult.

Compare lenders that offer 24-month personal loans

Data indicated here is updated regularly
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Avant personal loans
9.95% to 35.99%
Conveniently check your loan options without affecting your credit score.
Credible personal loans
4.99% to 35.99%
Fair to excellent credit
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Eloan personal loans
8.99% to 21.49%
610 FICO®
Apply online for a loan with no origination fees and next-business day funding after approval.
LendingPoint personal loans
9.99% to 35.99%
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
LightStream personal loans
Good to excellent credit
Borrow up to $100,000 with low rates and no fees.
SoFi personal loans
5.99% to 18.28%
A highly-rated lender with competitive rates, high loan amounts and no fees.

Compare up to 4 providers

How do I compare lenders?

Just because it has the right term doesn’t mean it’s the right loan for you. Keep these other factors in mind when comparing lenders:

  • Loan amount. Depending on your finances and the lender you choose, you may be able to borrow anywhere from $2,500 to $35,000. But keep in mind that some lenders may limit how much you can borrow based on the length of your term. Check with yours before you apply to make sure you can borrow the amount you need.
  • Interest rate. The interest rate you’re given will depend on your finances and credit history. By comparing your options, you may be able to find a competitive offer that keeps your monthly payments low.
  • Fees. Consider any origination, application or prepayment penalty fees to make sure you understand the full cost of the loan.

What to watch out for

From overborrowing to less-than-trustworthy lenders, here are a few things to watch out for:

  • Higher monthly payments. Because you only have two years to pay off your loan, your monthly payments could be hefty.
  • Borrowing more you can afford. While a short term makes your loan cheaper overall, it can put a strain on your budget if you borrow more than you can afford to pay back.
  • Disreputable lenders. Because many traditional banks don’t offer personal loans with such short terms, you may come across a few less-than-reputable lenders in your search. Be wary of any loan offers that sound too good to be true — you may be looking at a personal loan scam.

What will I need to apply?

Although every lender is different, you’ll generally have to meet the following requirements to qualify:

  • Fair, good or excellent credit
  • Regular source of income
  • US citizen or permanent resident
  • At least 18 years old

Some lenders may have more specific requirements, so check with yours before you apply.

What are my other personal loan options?

Fixed Term

Fixed Amount

3 years Picture not describedcheckmark $10,000
5 years Picture not describedcheckmark $20,000
6+ years Picture not describedcheckmark Compare more

Bottom line

From banks and credit unions to online lenders, it’s possible to find a two-year personal loan. While such a short term will make for higher monthly repayments, you’ll save on interest in the long run.

You can read our guide to personal loans to learn more about how they work and compare other lenders.

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4 Responses

  1. Default Gravatar
    AprilOctober 3, 2017

    I have bad credit. I need a $ 8000 loan for 4 years. Willing to pay 10% interest. Who could help me?

    • Default Gravatar
      JonathanOctober 4, 2017

      Hello April,

      Thank you for your inquiry.

      You can check the available lenders on this page. Kindly select your State of Residence first at the top of the comparison table and then click “Show Available Loans” orange button.

      Please be reminded that eligibility requirements and loan terms vary per lender, so it is important to confirm this prior applying.

      Hope this helps.


  2. Default Gravatar
    VictoriaSeptember 10, 2017

    Can I be self employed and get a loan plus employment income through my job

    • Avatarfinder Customer Care
      MaySeptember 10, 2017Staff

      Hi Victoria,

      Thank you for your inquiry.

      With personal loans, yes, you can be a self-employed and/or provide proof of income from your employment. The lenders that offer loans to self-employed are listed on this page. All other loans that you can compare are also here.


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