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Unlock the Best Lenders for 6 Year Personal Loans

Embarking on a financial journey with a 6-year personal loan requires the right partner. This article unveils a curated selection of lending institutions known for their reliability and favorable terms. With an array of options ranging from lower interest rates to hassle-free application processes, this guide aims to help you secure a loan that fits your budget and financial goals. Make the smart move today.
Offers: 3
Updated:
18.02.2024
13:04
Best Personal Loan Today 28.02.2024*
Finanso
Personal Loans
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
2000.00 – 100000.00 $
Rate
i

Effective interest rate on the product

6.34 – 35.89 %
Term
i

Loan term for the financial product

2 months – 72 months
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Submit One Loan Application Online!

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LightStream
Personal Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$5,000-$100,000
Rate
i

Effective interest rate on the product

up to 24.49%
Term
i

Loan term for the financial product

up to 144 months
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Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.35
(20 Ratings)
Recommended FinScore™
0
300
650
1000
5000.00 – 100000.00 $
Rate
i

Effective interest rate on the product

8.99 – 24.99 %
Term
i

Loan term for the financial product

36 months – 72 months
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Loans Calculator of February 2024

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The Legal Status of Personal Loans in the USA 

In the USA, personal loans are legal and typically used for non-business needs. They must be repaid according to the loan agreement, which includes interest and a repayment timeline. Various laws regulate these loans, including the Equal Credit Opportunity Act, the Fair Debt Collection Practices Act, and the Truth in Lending. These laws protect both the lender's interests and the borrower's rights, ensuring fairness and transparency in the lending process.

Reviews
CreditFresh
4.8
The application process was a breeze, and I received a response within minutes. This straightforward and prompt procedure proved to be a great help to me during a crucial time of need.
Review
JG Wentworth
4.6
The assistance I received was exceptional. My representative handled my case with care and provided all the necessary information...
Review
OneMain Financial
4.4
The loan application process was straightforward, and the representative I interacted with displayed patience, provided informative answers, and was quite pleasant throughout...
Review
My Funding Choices
4.6
The process was swift and straightforward, which was particularly helpful during a time when, despite my reluctance to seek assistance, I genuinely needed help.
Review
Plain Green Loans
2
The interest rate is shockingly high, and it feels like taking advantage of individuals facing financial challenges when unexpected expenses arise...
Review
Advance America
4.6
I have never encountered any issues with this company. They consistently deliver funds on time, and the repayment process is straightforward...
Review
Unlock the Best Lenders for 6 Year Personal Loans

What are 6-year personal loans?

A 6-year personal loan, also known as a long-term personal loan, is a type of borrowing option that allows individuals to obtain a significant amount of money and repay it over a period of six years. These loans allow borrowers to fund various expenses, such as home renovations, debt consolidation, or major purchases, while spreading out the repayment over an extended timeframe.

Features

  1. Longer Repayment Period. One of the primary features of a 6-year personal loan is the extended repayment period. With a term of six years, borrowers have more time to repay the loan, resulting in lower monthly payments compared to shorter-term loans. This feature can be beneficial for individuals who prefer a more manageable repayment schedule.
  2. Lower Monthly Payments. Due to the extended repayment period, 6-year personal loans typically offer lower monthly payments compared to loans with shorter terms. This can be advantageous for borrowers who need to borrow a larger amount but want to maintain a budget-friendly monthly payment.
  3. Higher Loan Amounts. Lenders may be more willing to offer higher loan amounts for 6-year personal loans with a longer repayment period. This can be beneficial for individuals who require a substantial sum of money for large expenses such as home renovations, debt consolidation, or major purchases.
  4. Flexibility in Loan Purpose. Long-term personal loans provide borrowers with flexibility in how they use the funds. Whether it's consolidating high-interest debt, covering medical expenses, funding a wedding, or any other personal financial need, borrowers have the freedom to use the loan amount for various purposes.
  5. Fixed Interest Rates. Many long-term personal loans come with fixed interest rates. This means that the interest rate remains consistent throughout the loan term, allowing borrowers to have predictable monthly payments. Fixed rates offer stability and protection against potential interest rate increases in the future.
  6. Options for Secured and Unsecured Loans. Depending on the lender and your financial circumstances, you may have the option to choose between secured or unsecured personal loans. Secured loans require collateral, such as a vehicle or savings account, which can potentially lead to lower interest rates. Unsecured loans do not require collateral but may have slightly higher interest rates.
  7. Competitive Interest Rates. While interest rates can vary depending on the lender, borrowers with good credit scores and a strong credit history often qualify for more competitive interest rates on 6-year personal loans. Shopping around and comparing rates from different lenders can help you secure the best possible interest rate for your loan.
  8. Potential for Building Credit. Successfully repaying a 6-year personal loan can positively impact your credit history. Consistently making on-time payments can demonstrate responsible borrowing behavior and potentially improve your credit score over time.

How can I get a 6-year personal loan?

  1. Check Your Credit Score. Lenders typically consider credit scores when assessing loan applications. Prior to beginning the application process, it is advisable to obtain a copy of your credit report and thoroughly review it for any inaccuracies or outdated information. Additionally, it is crucial to ensure that you meet the minimum credit requirements set by the lender. By taking these proactive steps, you can identify and address any issues that may negatively impact your creditworthiness and improve your chances of securing a loan. Aim for a score between 670 and 850 for the best options.

  2. Research Lenders. Explore different financial institutions, including banks, credit unions, and online lenders, to compare interest rates, loan terms, and eligibility criteria.

  3. Gather Necessary Documentation. Prepare documents such as proof of income, identification, and financial statements. Lenders require these to assess your financial stability and determine your ability to repay the loan.

  4. Apply for Preapproval. Many lenders offer preapproval, which allows you to estimate the loan amount and interest rate you may qualify for without a hard credit inquiry. This step helps you understand your borrowing potential.

  5. Submit a Formal Application. Once you've chosen a lender, complete the application process. Provide accurate information and ensure you understand the terms and conditions before signing any agreements.

  6. Wait for Approval. The lender will review your application, including your credit history, income, and debt-to-income ratio, to assess your creditworthiness. Upon approval, you'll receive a loan offer outlining the terms and conditions.

Pros and cons

Pros

Lower Monthly Payments. With an extended repayment period, borrowers can enjoy more affordable monthly payments.

Flexibility. These loans offer flexibility in managing your budget and expenses over an extended timeframe.

Debt consolidation. If you have multiple debts, a 6-year personal loan can help you consolidate them into a single, manageable payment.

    Cons

    Higher Interest Rates. Long-term loans may have higher interest rates compared to shorter-term loans.

    Increased Overall Interest Cost. While lower monthly payments may be appealing, spreading out the repayment over a longer period can result in higher total interest paid.

    Potential Impact on Credit Score. Late or missed payments can negatively affect your credit score and financial standing.

    Requirements and conditions

    1. Credit Score. A good credit score is essential, usually above 700, although some lenders may consider lower scores.
    2. Income and Employment. Proof of stable and sufficient income is necessary to demonstrate the ability to repay the loan over the 6-year term. Lenders may require recent pay stubs or income tax returns.
    3. Debt-to-Income Ratio. Lenders evaluate your debt-to-income ratio by comparing your monthly debt payments to your monthly income. A lower ratio indicates a better ability to repay the loan.
    4. Documentation. Various documents will be required, including identification, proof of residence, and bank statements, to verify your financial standing.
    5. Collateral and Guarantees. Personal loans are typically unsecured, but collateral or a co-signer may be requested as a guarantee in cases of less favorable credit or larger loan amounts.
    6. Age and Citizenship. You must meet the minimum age requirement, usually 18 or 21 years old, and be a citizen or legal resident of the country where you are applying for the loan.
    7. Loan Amount and Purpose. Lenders may have minimum and maximum loan amount limits, and the purpose of the loan may influence the approval decision.
    8. Interest Rate and Fees. The interest rate you qualify for depends on factors like creditworthiness, with higher scores securing lower rates. Lenders may also charge origination fees, prepayment penalties, or other fees, so it's important to understand the overall cost of the loan.

        Best places to get 6-year personal loans today 28.02.2024

        LightStream

        Apply for a loan

        LightStream is a reputable online lender offering personal loans with competitive rates and favorable terms. With LightStream, borrowers can benefit from a wide range of loan purposes. You may consolidate debt, improve your home, make auto financing, cover medical expenses, and more. One of the key advantages of LightStream is its competitive annual percentage rates (APRs). It's important to note that the specific rate offered will depend on factors such as creditworthiness, loan amount, and repayment term.

        LightStream stands out by offering borrower-friendly features, including no origination fees, no early payoff penalties, and no late fees. These benefits provide borrowers with more flexibility and transparency throughout the loan process. Additionally, LightStream offers same-day funding options through ACH or wire transfer, subject to certain conditions.

        While LightStream provides numerous advantages, there are a few limitations to consider. The application process requires several years of credit history, meaning individuals with limited credit history may face challenges in obtaining a loan. LightStream does not offer a direct payment option to creditors, which means borrowers will receive the loan proceeds and must manage their debt consolidation or other payment obligations independently.LightStream

        SoFi

        Apply for a loan

        SoFi is a leading online lender offering personal loans with competitive annual percentage rates (APRs). SoFi provides loans for various purposes, including debt consolidation, refinancing, home improvement, relocation assistance, and medical expenses. Applicants generally need good to excellent credit to qualify for a SoFi personal loan. SoFi considers factors such as credit history, credit score, income, and other financial details when evaluating loan applications. Borrowers with a positive credit history and strong credit scores are more likely to secure favorable rates and terms. One notable advantage of SoFi is the absence of origination fees, early payoff penalties, and late fees.

        SoFi offers additional benefits to borrowers, including unemployment protection for those who lose their jobs. Depending on state regulations, borrowers may also appreciate that SoFi allows individuals to have more than one loan simultaneously. Moreover, SoFi may accept an offer of employment as proof of income if the start date is within the next 90 days. Co-applicants are permitted to apply for a loan, but SoFi does not allow co-signers.SoFi

        Avant

        Apply for a loan

        Avant is a legit online lender suited for individuals with a less-than-perfect credit score and seeking personal loans with long loan terms. Unlike traditional lenders that may have strict credit score requirements, Avant aims to provide accessible financing options for individuals who may have faced challenges in their credit history. One of the key features of Avant is its low minimum credit score requirement. While the specific credit score requirement is not disclosed, Avant is known for considering applicants with lower credit scores compared to traditional lenders. Additionally, Avant takes into consideration household members' income when evaluating loan applications. This can be beneficial for individuals who have a lower personal income but have additional sources of household income that can contribute to their loan eligibility. By considering the household's combined income, Avant aims to provide a more comprehensive assessment of the applicant's financial situation.Avant

        First Tech Federal Credit Union

        Apply for a loan

        First Tech Federal Credit Union offers personal loans with competitive Annual Percentage Rates (APRs). The credit union caters to various needs, including debt consolidation, home improvement, medical bills, and emergencies. The credit requirements for First Tech Federal Credit Union personal loans are not disclosed, indicating that borrowers with varying credit profiles may be eligible for a loan. Contacting the credit union directly or reviewing their eligibility criteria for more specific information is recommended.

        One notable advantage of First Tech Federal Credit Union is the absence of origination fees, early payoff penalties, and application fees. First Tech Federal Credit Union offers a quick application process, allowing borrowers to conveniently apply for a loan. Additionally, borrowers have the ability to defer payments for up to the first 45 days, providing them with some flexibility in managing their finances. The credit union also offers a mobile app, making it easier for borrowers to access their loan information and manage their accounts on the go. To be eligible for a loan from First Tech Federal Credit Union, individuals must be credit union members.First Tech Federal Credit Union

        U.S. Bank

        Apply for a loan

        U.S. Bank offers personal loans to individuals looking for financial assistance. As one of the largest banks in the United States, U.S. Bank provides a range of lending solutions, including personal loans, to meet the diverse needs of its customers. U.S. Bank personal loans come with competitive interest rates, allowing borrowers to access funds at favorable terms. The interest rate offered may vary based on factors such as the borrower's creditworthiness, loan amount, and repayment term. Potential borrowers need to review the specific terms and rates provided by U.S. Bank to determine if it aligns with their financial goals.

        U.S. Bank has an extensive branch network that spans across multiple states. To find the nearest U.S. Bank branch in your area, you can visit their official website and use their branch locator tool. This tool allows you to enter your ZIP code or city/state information to get a list of nearby branch locations. The branch locator will provide you with the addresses, contact numbers, and operating hours of the branches in your vicinity. In addition to physical branch locations, U.S. Bank also offers online banking services and mobile banking applications, allowing customers to conveniently manage their accounts and conduct various banking transactions remotely.U.S. Bank

        Ways to receive the money

        1. Direct Deposit. Direct deposit is a convenient and popular method for receiving loan funds. With this option, the lender transfers the loan amount directly into your bank account. Once the funds are deposited, you can access the money immediately and use it for your intended purposes.

        2. Paper Check. Some lenders may offer the option of receiving the loan funds via a paper check. If you choose this method, the lender will send you a check for the loan amount, which you can then deposit into your bank account. Keep in mind that it may take some time for the check to clear before the funds are available for use.

        3. Wire Transfer. In certain cases, lenders may offer the option of a wire transfer to receive the loan funds. With a wire transfer, the lender electronically transfers the money directly to your bank account. This method can be faster than other options, and you can access the funds as soon as the transfer is complete.

        4. Prepaid Debit Card. Some lenders provide the option of loading the loan funds onto a prepaid debit card. This option can be convenient if you don't have a bank account or prefer not to use your existing account for the loan. Once the funds are loaded onto the prepaid card, you can use them for purchases or withdraw cash.

        Things to pay attention to

        1. Interest Rates. Interest rates play a crucial role in the overall cost of your loan. Compare rates from multiple lenders to ensure you're getting the most competitive offer. A lower interest rate can result in significant savings over the life of your loan.
        2. Fees and Charges. In addition to interest rates, be aware of any fees and charges associated with the loan. Common fees may include origination fees, application fees, and prepayment penalties. Read the loan agreement carefully to understand all the costs involved.
        3. Repayment Terms. Understand the loan repayment terms, including the monthly payment amount and the total repayment period. Make sure the monthly payments fit within your budget and that you're comfortable with the length of the loan term.
        4. Total Interest Paid. Calculate the total interest you'll pay over the course of the loan. Longer loan terms can result in higher total interest costs. Consider whether the benefits of a lower monthly payment outweigh the potential increase in interest paid.
        5. Credit Score Impact. Taking out a new loan can impact your credit score. Timely payments can positively affect your credit history, while missed or late payments can have a negative impact. Make sure you understand the potential implications for your credit before committing to a loan.
        6. Loan Conditions. Pay attention to any specific conditions or requirements set by the lender. This may include maintaining a minimum credit score, providing collateral for secured loans, or meeting certain income criteria. Ensure that you meet all the necessary conditions before applying.
        7. Early Repayment Options. Check whether the lender allows for early repayment of the loan without any penalties. Having the flexibility to pay off the loan ahead of schedule can save you money on interest and provide financial freedom.
        8. Fine Print. Read the loan agreement thoroughly and understand all the terms and conditions. Pay attention to any clauses related to late payment fees, variable interest rates, or changes to loan terms. Don't hesitate to ask the lender for clarification if anything is unclear.

        How to repay a 6-year personal loan?

        1. Understand the Repayment Terms. Familiarize yourself with the repayment terms outlined in your loan agreement. Take note of the loan's interest rate, monthly payment amount, and the total repayment period. Ensure that you understand the due dates and any specific instructions provided by the lender.

        2. Create a Budget. Evaluate your income and expenses to create a realistic budget that accommodates your loan repayment. Dedicate a specific portion of your monthly income towards loan payments. Consider reducing discretionary spending and finding ways to cut back on expenses to free up more funds for repayment.

        3. Set Up Automatic Payments. Opt for automatic payments to ensure timely and consistent repayment. Many lenders offer automatic payment options that deduct the monthly payment directly from your bank account. This eliminates the risk of forgetting a payment and helps you stay on track.

        4. Prioritize Loan Payments. Make repaying your personal loan a priority. Allocate sufficient funds in your budget to cover the monthly payment and avoid defaulting on the loan. If possible, consider making extra payments towards the principal to pay off the loan faster and reduce the total interest paid.

        5. Track your Payments. Keep a record of your loan payments to monitor your progress and ensure all payments are applied correctly. Regularly review your loan statements and cross-reference them with your own records. Contact your lender immediately if you notice any discrepancies or have concerns about your payments.

        6. Communicate with your Lender. If you encounter financial difficulties or anticipate challenges in making your loan payments, it's important to communicate with your lender proactively. Lenders may offer assistance programs or temporary relief options to help you manage your loan during challenging times.

        7. Avoid Late Payments. Late payments can result in fees, penalties, and negative impacts on your credit score. Set up reminders or alerts to ensure that you never miss a payment deadline. If payment is impossible to make on time, contact your lender to discuss potential solutions before the due date.

        Alternatives

        Apply for a loan

        1. Shorter-Term Personal Loans. If you prefer a shorter repayment period or want to save on interest costs, you can explore personal loans with shorter terms, such as 2 to 3 years. Shorter-term loans often have higher monthly payments but can help you repay the loan faster and save on interest.

        2. Credit Cards. Using a credit card might be a viable alternative for smaller loan amounts. Credit cards offer flexibility, allowing you to borrow and repay funds as needed. However, keep in mind that credit cards generally have higher interest rates than personal loans, so it's important to manage your credit card balance responsibly.

        3. Home Equity Loans or Lines of Credit. If you're a homeowner with significant equity in your property, you may consider a home equity loan or a home equity line of credit (HELOC). These loans use your home as collateral and often offer lower interest rates than personal loans. However, be aware that using your home as collateral carries the risk of losing it if you default on the loan.

        4. Peer-to-Peer Lending. Peer-to-peer (P2P) lending platforms connect borrowers directly with individual lenders. P2P lending offers an alternative to traditional financial institutions, potentially providing more flexible terms and competitive interest rates. However, be aware of the risks associated with P2P lending and carefully review the terms and conditions.

        5. Secured Loans. Secured loans require collateral, such as a vehicle, savings account, or other valuable assets. You may qualify for lower interest rates and higher loan amounts by providing collateral. However, remember that defaulting on a secured loan puts the collateral at risk.

        6. Government Assistance Programs. Depending on your circumstances, you may be eligible for government assistance programs, such as low-income loans, grants, or subsidized loans for specific purposes like education or housing. Research available programs to determine if you qualify.

        Editorial opinion

        6-year personal loans can be a valuable tool for individuals who need to borrow a significant amount of money and prefer a longer repayment period. These loans allow borrowers to spread out their payments over six years, resulting in more manageable monthly installments. However, it's important to approach these loans cautiously and consider the potential drawbacks. One advantage of 6-year personal loans is the lower monthly payment than shorter-term loans. This can be beneficial for individuals who need more time to repay their loans without straining their monthly budget. Additionally, longer loan terms may allow borrowers to access higher loan amounts, making it suitable for financing large expenses like home improvements or debt consolidation. However, it's crucial to note that longer loan terms often result in higher total interest paid over the life of the loan. Borrowers must carefully assess the interest rates and calculate the total cost of borrowing before committing to a 6-year personal loan. Additionally, the longer repayment period means being tied to the loan for a more extended period, potentially limiting financial flexibility. The recommendation is for borrowers to consider their specific needs and financial circumstances when deciding on a personal loan term. If you can comfortably manage higher monthly payments and have the means to repay the loan sooner, opting for a shorter-term loan might save you money in the long run. However, if spreading out the payments over six years aligns better with your financial goals and budget, a 6-year personal loan can be a suitable option. Ultimately, the decision to choose a 6-year personal loan should be based on careful evaluation of your financial situation, long-term goals, and ability to repay the loan responsibly. It's essential to compare offers from multiple lenders, review the terms and conditions, and consider alternatives before making a final decision. Seeking advice from financial professionals can also provide valuable insights and help you make an informed choice that best suits your individual needs.

        Important

        Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

        How to choose a lender

        1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
        2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
        3. Carefully review all the terms and conditions of your loan contract.
        4. Thoroughly examine the interest rates and ensure that your contract includes a detailed breakdown of the total cost of the loan.
        5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
        6. Choosing a lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

        Methodology

        At Finanso, we've carried out a comprehensive analysis of over 100 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

        In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

        At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

        Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

        Additional resources

        To learn more about personal loans and best practices, check out some of the following resources:

        Sources

        FAQ

        Can you get a personal loan for 6 years?

        Yes, obtaining a personal loan with a term of six years is possible. However, the availability of such loan terms may vary depending on the lender and individual borrower's qualifications.

        How many years is a typical personal loan?

        A typical personal loan term ranges from one to seven years, depending on the lender and the borrower's preferences. However, shorter-term loans, such as one to three years, are more common.

        How much is the monthly payment on a $40,000 6-year loan?

        The monthly payment on a $40,000 loan for six years depends on the interest rate. To calculate the exact amount, you must use a loan calculator or consult with the lender.

        For example, the monthly payment can be calculated using an amortization formula for a $40,000 loan with an interest rate of 12% and a loan term of 72 months (6 years). Without any additional fees or charges, the monthly payment for this loan would be $782.

        What is the longest term you can get for a personal loan?

        The maximum loan term for a personal loan can vary depending on the lender. While most personal loans have terms ranging from one to seven years, some lenders may offer longer terms, up to ten years or more

        For example, the total cost can be calculated using an amortization formula for a $10,000 loan with an interest rate of 12% and a loan term of 60 months (5 years). Without any additional fees or charges, the total cost for this loan would be $13,346.67.