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.

Our top pick: Fiona Personal Loans

  • Min. Credit Score Required: Good to excellent credit
  • Min. Loan Amount: $1,000
  • Max. Loan Amount: $100,000
  • APR: 3.84% to 35.99%
  • Requirements: Credit score of 670+, American citizen or permanent resident, 21+ years old

Our top pick: Fiona Personal Loans

Get loan offers from multiple lenders at once without affecting your credit score.

  • Min. Credit Score Required: Good to excellent credit
  • Min. Loan Amount: $1,000
  • Max. Loan Amount: $100,000
  • APR: 3.84% to 35.99%
  • Requirements: Credit score of 670+, American citizen or permanent resident, 21+ years old
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Compare seven-year fixed rate personal loans

Updated December 8th, 2019
Name Product Loan Term Requirements
2 to 7 years
Fair to excellent credit, ages 18+ and a US citizen or permanent resident
6 months to 7 years
Credit score of 450+, legal US resident and ages 18+.
2 to 7 years
Eligibility requirements. 550+ credit score, ages 21+, US citizen or permanent resident
2 to 7 years
Ages 18+, US citizen or permanent resident

Compare up to 4 providers

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 amount 5% interest rate 10% interest rate 15% interest rate 20% 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

Updated December 8th, 2019
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
5.95% 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.
3.84% to 35.99%
Good to excellent credit
$100,000
Get loan offers from multiple lenders at once without affecting your credit score.
6.98% to 35.89%
600
$50,000
Affordable loans with two simple repayment terms and no prepayment penalties.
3.84% to 35.99%
550
$100,000
Get connected to competitive loan offers instantly from top online consumer lenders.
34% to 155% (Varies by state)
No minimum
$10,000
Check eligibility in minutes and get a personalized quote without affecting your credit score.
3.99% to 35.99%
450
$100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
6.49% to 17.99%
650
$25,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
6.95% to 35.89%
640
$40,000
A peer-to-peer lender offering fair rates based on your credit score.
5.99% to 17.88%
680
$100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.

Compare up to 4 providers

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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