Compare your 7-year fixed rate personal loan options | finder.com

Compare 7-year fixed rate personal loans

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

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.

Monevo Personal Loans

Monevo personal loan connection service

Quickly get connected to the competitive loan offers from top online lenders.

  • Loan Terms: 12–12
  • Minimum Credit Score Needed: 550
  • APRs from: 3.34% to 35.99%.
  • Maximum Loan Amount: 100000
  • Minimum Loan Amount: $1,000
  • Simple online application process
  • Check rates without impacting your credit score

    Compare seven-year fixed rate personal loans

    Provider Loan Term Starting APR Requirements
    Monevo Personal Loans
    Monevo Personal Loans
    6 to 144 months 3.34% to 35.99%. Credit score of 550+, legal US resident and at least 18 years old Go to site More
    Even Financial Personal Loans
    Even Financial Personal Loans
    2–7 years 4.99%–35.99% Must have a minimum credit score of 580+. Must be 18+ years old and be an American citizen or permanent resident. Go to site More
    SoFi Personal Loan Fixed Rate (with Autopay)
    SoFi Personal Loan Fixed Rate (with Autopay)
    3 to 7 years 6.99% to 14.87% At least 18 years old, US citizen or permanent resident. Go to site More

    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

    Rates last updated November 13th, 2018

    Reveal your potential loan offers and rates

    Answer two quick questions to filter the loan offers and get the best one for you.

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    Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
    Name Product Product Description Min. Credit Score Max. Loan Amount APR
    Monevo Personal Loans
    Quickly compare multiple online lenders with competitive rates depending on your credit score.
    550
    $100,000
    3.34% to 35.99%. (fixed)
    Credible Personal Loans
    Get personalized rates in minutes and then choose a loan offer from several top online lenders.
    Good to excellent credit
    $100,000
    4.99%–36% (fixed)
    SoFi Personal Loan Fixed Rate (with Autopay)
    No fees. Multiple member perks such as community events and career coaching.
    680
    $100,000
    6.99% to 14.87% (fixed)
    Marcus by Goldman Sachs Personal Loans
    Consolidate your debt or pay off large expenses with competitive rates and no fees.
    Good to excellent credit
    $40,000
    6.99% to 24.99% (fixed)
    Avant
    Conveniently check your loan options without affecting your credit score.
    580
    $35,000
    9.95%–35.99% (fixed)
    Even Financial Personal Loans
    Get connected to competitive loan offers instantly from top online consumer lenders.
    580
    $100,000
    4.99%–35.99% (fixed)
    NetCredit Personal Loan
    Check eligibility in minutes and get a personalized quote without affecting your credit score.
    550
    $10,000
    34%–155% (Varies by state) (fixed)
    LendingClub Personal Loan
    A peer-to-peer lender offering fair rates based on your credit score.
    660
    $40,000
    6.95% to 35.89% (fixed)
    OneMain Financial Personal and Auto Loans
    An established online and in-store lender with quick turnaround times. Poor credit is OK.
    Varies
    $30,000
    16.05%–35.99%* (fixed)

    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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    Frequently asked questions

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    US Personal Loans Offers

    Important Information*
    Credible Personal Loans

    Get personalized rates in minutes and then choose a loan offer from several top online lenders.

    Monevo Personal Loans

    Quickly compare multiple online lenders with competitive rates depending on your credit score.

    LendingClub Personal Loan

    A peer-to-peer lender offering fair rates based on your credit score.

    SoFi Personal Loan Fixed Rate (with Autopay)

    No fees. Multiple member perks such as community events and career coaching.

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    US Personal Loans Offers

    Important Information*
    Credible Personal Loans

    Get personalized rates in minutes and then choose a loan offer from several top online lenders.

    Monevo Personal Loans

    Quickly compare multiple online lenders with competitive rates depending on your credit score.

    LendingClub Personal Loan

    A peer-to-peer lender offering fair rates based on your credit score.

    SoFi Personal Loan Fixed Rate (with Autopay)

    No fees. Multiple member perks such as community events and career coaching.

    Go to site