Debt consolidation personal loans reduced your burden by lowering the monthly amount. Now that you can afford to pay back your loan, you will want to make sure that it offers enough time for you to pay it off. There are a few debt consolidation personal loans that offer a long repayment term of 84 months (7 years) or more. The following are the top 3 online lenders that offer the longest repayment term for the debt consolidation personal loans.
LightStream is founded by SunTrust Bank and they provide personal loans specifically for creditworthy people. LightStream offers a generous loan amount of up to $100,000. The minimum loan amount that you can apply at LightStream is $5,000. The interest rate can be as low as 2.2% and reach up to 17.49%. With LighStream personal loans, you don’t have to pay any origination or prepayment fee. LightStream can be strict as they require borrowers to have a solid income, and healthy savings account. There are several loan terms to choose from 24 – 84 months. LightStream releases the funds fast after the loan is approved and you can expect to receive the funds in a single day.
Sofi is an online lender most recognized for the student loans refinancing. Besides student loans refinancing, Sofi also provide a personal loans of up to $100,000 for consumers. You can apply for fixed or variable interest rate for the Sofi personal loans. Fixed rate personal loans are cheaper and feature an interest rate from 5.49% – 11.09%. There are 3 loan terms to choose from including 3, 5 and 7 years. Sofi requires its borrowers to have low income ratio, reliable job and excellent credit score. Sofi provides an unemployment protection program that allows the borrowers to halt payments for a few moments when they suddenly lose their jobs.
Discover offers personal loans typically for borrowers who have good credit scores. Most of the borrowers that are qualified for Discover personal loans have an average credits core of 747. You can use Discover loans to consolidate your debts as they can pay off the lenders directly. If you want to use the loan to pay off your lender, you must make sure that at least 70% of the loan is used for that purpose. You can apply to borrow a loan amount in between $2,500 – $35,000. The APR starts from as low as 6.99% and can reach as high as 24.99%. Discover personal loans have a loan repayment term from 36 – 84 months. The due date can be changed up to two times during the entire loan term. If you delay a payment, you will get charged with a late fee.