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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.

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.
1 - 5 of 5
Name Product Filter Values Max. Loan Term Min. credit score APR Loan amount
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Finder Score: 4 / 5: ★★★★★
Upgrade
84 months
620
8.49% to 35.99%
$1,000 to $50,000
Check your rates with this online lender without impacting your credit score.
PenFed Credit Union personal loans
Finder Score: 3.6 / 5: ★★★★★
PenFed Credit Union personal loans
60 months
580
7.99% to 18%
$600 to $50,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
LightStream personal loans
Finder Score: 4.8 / 5: ★★★★★
LightStream personal loans
144 months
Good to excellent credit
7.49% to 25.99%
$5,000 to $100,000
Borrow up to $100,000 with low rates and no fees.
Credible personal loans
Finder Score: 4.3 / 5: ★★★★★
Credible personal loans
84 months
Fair to excellent credit
4.60% to 35.99%
$600 to $100,000
Get personalized prequalified rates in minutes and then choose an offer from a selection of top online lenders.
Fiona personal loans
Finder Score: 4.2 / 5: ★★★★★
Fiona personal loans
144 months
Poor
5.20% to 35.99%
$1,000 to $100,000
Get loan offers from multiple lenders at once without affecting your credit score.
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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.

Two important options to consider

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.

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.

  • Secured loans

A secured loan includes an 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.

  • Unsecured loans

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.

Seven-year loan term: Pros and cons

  • 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.

$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

1 – 6 of 6
Name Product Filter Values APR Min. credit score Loan amount
LightStream personal loans
Finder Score: 4.8 / 5: ★★★★★
LightStream personal loans
7.49% to 25.99%
Good to excellent credit
$5,000 to $100,000
Borrow up to $100,000 with low rates and no fees.
PenFed Credit Union personal loans
Finder Score: 3.6 / 5: ★★★★★
PenFed Credit Union personal loans
7.99% to 18%
580
$600 to $50,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
Upgrade
Finder Score: 4 / 5: ★★★★★
Upgrade
8.49% to 35.99%
620
$1,000 to $50,000
Check your rates with this online lender without impacting your credit score.
Best Egg personal loans
Finder Score: 3.8 / 5: ★★★★★
Best Egg personal loans
8.99% to 35.99%
600
$2,000 to $50,000
Fast and easy personal loan application process. See options first without affecting your credit score.
Credible personal loans
Finder Score: 4.3 / 5: ★★★★★
Credible personal loans
4.60% to 35.99%
Fair to excellent credit
$600 to $100,000
Get personalized prequalified rates in minutes and then choose an offer from a selection of top online lenders.
Freedom Debt Relief
Not rated yet
Freedom Debt Relief
N/A
N/A
Starting at $4,000
Freedom Debt Relief works to help people with unmanageable, unsecured debt get back on their feet.
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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:

  • Debt consolidation. Use your new loan that has a lower fixed interest rate to pay off any outstanding debts from a credit card or personal loan with high interest.
  • Home improvements. Add updates to your home that could increase its value or just make it a nicer place to live, and give yourself seven years to repay what you borrow.
  • New or used vehicles. This not only includes cars, but also motorcycles, boats and even jet skis or RVs. Some lenders may have restrictions on using a loan for older vehicles.
  • Vacations. If you’re planning on taking a trip you can take out a loan to pay for flights, hotel rooms or anything else you need.
  • Weddings. Weddings can be expensive, but a personal loan can give you the extra funds needed for the ideal wedding.
  • Other expenses. Realistically, you can use a personal loan for almost anything you’d like. However, remember that a financial product like a loan should always be used responsibly. It’s a good idea not to borrow money if you’re unsure you’ll be able to repay it.

Frequently asked questions

What shorter, fixed-rate terms are available?

Consider applying for a fixed rate personal loan in any one-year increment between one and seven years.

How do I know if I’m eligible for a fixed-rate personal loan?

Depending on the lender you apply with, confirm your eligibility before submitting your application. However, you’ll generally need to have good credit, be over the age of 18 and a permanent US resident or citizen.

How do I apply?

If you’ve found a loan you want to apply for and you meet the eligibility requirements, select Go to Site to submit your application directly with the lender.

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