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Compare 7-year fixed rate personal loans

Borrow as much as you need and be positive your monthly payments will fit into your budget for the long term.

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Are you looking to apply for a large loan or just want longer terms to keep your payments low? A personal loan with a seven-year repayment period could be just what you need. Learn how the length of a loan can affect payments and find out if this option is a smart choice for you.

Compare seven-year fixed rate personal loans

Data indicated here is updated regularly
Name Product Loan Term Requirements
LendingClub personal loans
3 to 5 years
US citizen or permanent resident, verifiable bank account, steady source of income, ages 18+.
Prosper personal loans
3 or 5 years
Must be 18+ years old, an American citizen or US permanent resident and have a 640+ credit score, not a resident of Iowa or West Virginia.
SoFi personal loans
24 to 84 months
Ages 18+, US citizen or permanent resident
Even Financial personal loans
2 to 7 years
Minimum credit score of 550, American citizen or permanent resident, At least 21 years old
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What is a seven-year fixed rate personal loan?

This type of personal loan has a term length of seven years and comes with a set-in-place interest rate. Because the interest rate is fixed, your monthly payments will remain the same throughout the entirety of the term — making budgeting for payments simpler.

Any loan establishment fees or monthly fees will be added onto your payments. And voila, at the end of the seven years with on-time payments, your debt will be repaid.

Two important options to consider

Yes. You have the option of either taking out a secured or unsecured loan. While you can generally use both types of loans however you please, there are a few key differences between the two.

A secured loan is when you offer up a valuable asset in order to be approved for a loan or get a better interest rate. Be careful though, if you default on the loan you’ll be forfeiting that asset you used as collateral.

There’s no collateral involved, but you will likely need good credit to land an unsecured personal loan with a competitive interest rate. The lender can’t take your personal property if you default on this type of loan, but your credit will suffer.

Pros and cons of having a seven-year loan term

  • Payments for a long term loan are typically lower.
  • Budgeting for payments will be simple as your payments will remain the same for seven years.
  • A range of different financing options are available.
  • You’ll end up paying more in interest with a longer loan term.
  • You may be charged a fee for early or additional repayments.

4 questions to ask when comparing offers

As this loan will be with you for seven years, it’s important to compare your options and find the right one. Here are some points to keep in mind:

  • What interest rate applies? Compare similar loans to see how competitive the interest rate is.
  • How much will you be charged in fees? Check for origination fees, monthly fees, annual fees and any other fees you may be charged. If you want the option of paying back your loan early, check to see if you can do so without being subject to a prepayment penalty.
  • Can I use the loan for what I want to? If you want to buy a car, is the vehicle eligible? If you want to consolidate debt, can you bring all of your credit accounts over? Check all aspects of the loan before applying.
  • How can you access and manage your account? Since you’ll have this loan for seven years, it’s important to ensure you can manage your account effectively. Check if there is a mobile app or online account tools.

What is a seven-year fixed rate loan going to cost?

A personal loan is large responsibility, and if it’s not handled properly it could make the road to your financial future a bumpy one. When going forward with a loan, make sure that you’ll be able to make all of your payments in a timely fashion.

Here are few different loan amounts with different interest rates to give you an idea of what your monthly payment would be.

Loan amount5% interest rate10% interest rate15% interest rate20% interest rate
$5,000$70.67$83.01$96.48$111.03
$10,000$141.34$166.01$192.97$222.06
$15,000$212.01$249.02$289.45$333.09
$20,000$282.68$332.02$385.94$444.12

Compare more personal loan options

Data indicated here is updated regularly
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible personal loans
4.99% to 35.99%
Fair to excellent credit
$100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Monevo personal loans
3.49% to 35.99%
None
$100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
Fiona personal loans
4.99% to 35.99%
Good
$100,000
Get loan offers from multiple lenders at once without affecting your credit score.
LendingTree personal loans
Starting from 2.49%
Good to excellent credit
$50,000
Receive up to five loan offers in just minutes through LendingTree's simple online form.
SoFi personal loans
5.99% to 18.28%
680
$100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
NetCredit personal loans
34% to 155%
No minimum
$10,500
Check eligibility in minutes and get a personalized quote without affecting your credit score.
LightStream personal loans
Varies
Good to excellent credit
$100,000
Borrow up to $100,000 with low rates and no fees.
Even Financial personal loans
4.99% to 35.99%
550
$100,000
Get connected to competitive loan offers instantly from top online consumer lenders.
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What can I use a fixed rate personal loan for?

Fixed rate loans are suitable for a range of purposes including:

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