Long-term loans are like other types of personal loans but with longer repayment terms (usually 60 months or longer). Because you have more time to pay off your loan, long-term personal loans may offer higher loan amounts — sometimes exceeding $100,000.
Since the risk of default is higher on a long-term loan, APRs also tend to be higher than those offered on shorter loan terms. Although your monthly loan payment may be lower with a long loan term, keep in mind that you’ll pay more in interest over the life of the loan, increasing your total cost of borrowing.
Many borrowers turn to long-term loans for high-dollar transactions, such as debt consolidation, home improvement and medical financing.