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Long Term Personal Loans

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Estimated monthly repayments


Example interest rate

9.20% p.a.

Comparison rate*

10.58% p.a.

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Long Term Personal Loans

Are you looking for the most affordable long term personal loans? Whether you are buying a car, doing extensive house renovations, or paying for an elaborate wedding, there’ll be times in life when a personal loan would be beneficial. Before deciding whether to get a short or long-term personal loan it is a good idea to look at the pros and cons of each option, as well to compare what deals different banks and money lenders are offering. There are many different personal loans on the market so it is important to find the right one for you.

What is a long term personal loan?

In many cases, personal loans are paid back over a short term, but some banks and lenders also offer long term personal loans that can be paid back over 5 years or more. Long term personal loans are often used for bigger purchases such as buying a new car, university fees, or home improvements. They work just like any other personal loan where you borrow money and make an agreement to pay it back in regular installments, plus interest, over an agreed period. If you take out a long term personal loan, each repayment will be less than what the repayments would be if you borrowed the same amount over a shorter term, but you’ll end up paying more interest overall.

Some lenders will let you make extra repayments when you can afford to throughout the loan, which will lower your future interest rates. Be aware though, that some lenders charge fees for doing this as well as early exit fees if you pay off your loan sooner than expected. The good news is, if you take out long term personal loans with MoneyMe, there are no early exit fees so you can pay off your loan in full at any time without being penalised.

What are the advantages of a long term personal loan?

One of the main advantages of taking out a long term personal loan is that you will have more time to pay it back. This means each monthly repayment will be lower than it would be with a short term personal loan where you are borrowing the same amount of money. Having lower repayments each month can free up money for other things and give you more flexibility in your budget. When weighing up your options, it’s also important to look at the disadvantages of taking out long term personal loans compared to short term loans. The longer the term of the loan, the more interest you’ll pay over the life of the loan. Long term personal loans also tend to have a higher interest rate than short term express loans, as long term personal loans are often considered to be riskier. And if you don’t like being in debt, a long term personal loan will take longer to clear than a short term loan.

Where to get a long term personal loan?

If you are wondering where to get a long term personal loan, they are offered by several banks and money lenders. To work out what personal loan will work best for you, it is a good idea to undertake a personal loan comparison Australia to weigh up the different options for both short and long term personal loans. Comparing the loan offered by different lenders will also help you decide whether you want to opt for a variable rate personal loan.

How much should you borrow for a long term personal loan?

To help you work out which loan is best for you. MoneyMe has a free online personal loan calculator where you can compare quick loans with different repayment terms. With MoneyMe’s unsecured personal loans from $5,000 to $50,000, you can choose a minimum repayment period of 12 months and a maximum repayment period of 60 months. Using the calculator you can adjust the repayment period and look at the potential impacts this will make on your repayments. We take responsible lending seriously, so we will only lend you money if we think you’re in a position to comfortably repay it. When deciding this we consider several factors such as your income, loan rating, and your expected living costs.

MoneyMe has a quick and easy application process so you can apply for loans online in just a few minutes. You’ll just need to let us know how much money you would like to borrow and what your ideal repayment period is. After that, you’ll need to enter some personal information including your bank account details and a valid email address. Then, by using the latest in financial technology, we’ll be able to let you know very quickly whether or not your loan has been approved. Depending on who you bank with, with MoneyMe’s quick cash loans if you apply during business hours you could have the funds in your account on the same day.  Although the application process is done completely online, if you have any questions as you go, our dedicated support team is available via email, phone, or online 7 days a week and would be very happy to help you. Apply for your loan today, and you could have extra funds in your account before you know it!

Our customers

Long Term Personal Loans

Transparent and
simple pricing

Interest rate

9.20 %
to 25.20 %

Comparison rate*

10.58 %
to 26.58 %

Establishment fee
(Direct applications)

$395 for loans between $5,000 and $15,000

$495 for loans between $15,001 and $50,000

Monthly fee


Loan terms

Minimum 3 years

Maximum 5 years

Early exit fees


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Won't impact your credit score!

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