Thinking about a 10 year personal loan in 2026? It might seem like a long time, but sometimes you need that much time to pay off a big expense. Whether it’s for a major home renovation, consolidating debt, or covering unexpected costs, a personal loan can be a useful tool. We’ll look at some places you might be able to get one.
Key Takeaways
- A 10 year personal loan offers a lengthy repayment period, which can mean lower monthly payments, but potentially more interest paid overall.
- Lenders like Easyfinancial are noted for offering loan terms up to 10 years, which is longer than many other providers.
- When comparing options, check the Annual Percentage Rate (APR), loan amount limits, and any fees involved, not just the term length.
- Consider your ability to repay; a longer term doesn’t always mean it’s the best choice if you want to save on interest.
- Banks, credit unions, and online lenders all have different requirements and rates, so shopping around is a good idea.
1. Easyfinancial
When you’re looking for a personal loan, especially one that stretches out over a longer period, Easyfinancial is a name that pops up. They offer loans that can go up to a decade, which is pretty unique in the lending world. This kind of long-term option can really help if you need a significant amount of money and want to keep your monthly payments as low as possible.
Their loan terms can extend up to 120 months (that’s 10 years!), which is a big deal for managing larger expenses.
Here’s a quick look at what they generally offer:
- Loan Amounts: You can borrow anywhere from $500 up to a hefty $100,000. This range covers a lot of ground, from smaller needs to major life events.
- Loan Terms: As mentioned, they go up to 10 years (120 months). They also have shorter terms available, starting from 9 months.
- Interest Rates: The Annual Percentage Rate (APR) can range from 9.90% to 46.96%. It’s important to know that this is a wide range, and your actual rate will depend on your creditworthiness and other factors.
Applying with Easyfinancial usually involves a few steps. They’ll want to know why you need the loan, how much you’re looking to borrow, and when you can pay it back. They also consider your income and credit history to figure out the best loan for you. It’s a good idea to have your personal information, proof of income, and banking details ready when you apply. They aim to give you a decision pretty quickly, sometimes within minutes, though getting the funds might take a bit longer depending on your bank.
2. Spring Financial
Spring Financial is another company that pops up when you’re looking for longer-term personal loans, potentially up to 10 years. They seem to focus on making the borrowing process pretty straightforward. You’ll likely go through a few steps to figure out what you need.
Here’s a general idea of how it might work:
- Figure out why you need the money: Are you looking to buy something big, pay off debts, or maybe handle unexpected costs? Knowing this helps them guide you.
- Decide how much you want to borrow: They usually have a range, maybe from $1,000 up to $50,000, and they’ll look at your financial situation to see what works.
- Set a repayment plan: This is where the 10-year option comes in. You’ll pick how often you want to pay (weekly, monthly, etc.) and over what period. Choosing a longer term means smaller payments, but you’ll pay more interest overall.
- Consider collateral: Sometimes, using an asset like your home can get you better terms, but it’s not always required.
People often mention that the service is friendly and approvals can be quick. Some customers have even had funds deposited within an hour, which is pretty fast. It’s good to remember that interest rates can change, especially if they’re variable, so keeping an eye on that is smart. They aim to provide options that fit your budget, which is always a plus when you’re planning for the future.
3. goPeer
So, let’s talk about goPeer. This is a bit different from your typical bank loan. goPeer operates as a peer-to-peer lending platform. Basically, instead of getting money from a bank, you’re borrowing it from other individuals. It’s all done online, which makes things pretty convenient.
They often have a more flexible approach to who they lend to. This can be a good thing if you’ve had trouble getting approved elsewhere. However, it’s worth noting that peer-to-peer lending isn’t regulated in Canada the same way traditional loans are. So, while it can be a good option, it’s smart to know what you’re getting into.
Here’s a quick look at what they generally offer:
- Loan Amounts: Typically range from $1,000 up to $35,000.
- Loan Terms: You’re usually looking at terms between 36 to 60 months, which is about 3 to 5 years.
- Interest Rates: These can vary quite a bit, often falling between 8.99% and 34.99%.
If you’re looking for a straightforward way to get a loan, goPeer is definitely worth checking out. You can find more details about their loan options online.
4. Scotiabank
When you’re looking at big banks for a personal loan, Scotiabank is definitely a name that comes up. They’ve been around forever, and people generally trust them.
For a 10-year personal loan, Scotiabank might not be the first place to check if you’re thinking about that exact term. Most of their personal loans seem to have terms up to 5 years, which is pretty standard for major banks. However, they do offer loan amounts that can be quite substantial, ranging from $5,000 to $75,000. This could be good if you need a larger sum for a big project or expense.
Their interest rates can be quite competitive, often starting around 6% and going up to about 10% for borrowers with good credit. This is a pretty solid range, especially when you compare it to some other options out there. It’s always a good idea to see what rates you might qualify for, and you can explore personal loan options in Canada to get a general idea.
Here’s a quick look at what Scotiabank generally offers:
- Loan Amounts: $5,000 – $75,000
- Loan Terms: Up to 5 years
- Interest Rates: Typically 6% – 10% (for well-qualified borrowers)
While they might not offer a 10-year term directly, their loan amounts and potentially lower rates could still make them a good option for shorter-term needs. It’s worth talking to them directly to see if any flexibility exists or if their standard terms fit your plan.
5. BMO
BMO, or the Bank of Montreal, is another one of the big Canadian banks that offers personal loans. They’re a solid choice if you’re looking for a traditional banking experience with a range of options.
When you get a personal loan from BMO, you’ll find they have flexible repayment schedules. This means you can often choose to pay weekly, bi-weekly, semi-monthly, or monthly. Picking a more frequent payment plan can help you pay less interest over the life of the loan and get it paid off faster. BMO personal loans can be used for various purposes, from debt consolidation to large purchases.
Here’s a quick look at what BMO generally offers:
- Fixed or Variable Rates: Like many lenders, BMO usually provides the choice between a fixed interest rate, where your payment stays the same, or a variable rate, which can change based on market conditions. Variable rates might start lower but come with the possibility of increasing.
- Payment Flexibility: You can often adjust your payment frequency or even skip a payment once a year if needed, though interest usually continues to accrue during skipped periods. It’s always good to check the specifics on how skipping a payment affects your loan term and total interest paid.
- Loan Amounts and Terms: While specific amounts can vary, BMO typically offers personal loans with terms that can extend up to several years, allowing you to find a repayment period that fits your budget. You can explore personal loan options directly on their website or by speaking with a representative.
Getting a loan from a major bank like BMO can feel secure because of their established presence. They often have online tools and in-person branches, giving you different ways to manage your loan and get support.
6. TD Bank
TD Bank, a major player in Canadian finance, also provides personal loan options that could fit into your long-term financial plans. They generally offer competitive rates, especially if you have a solid credit history. When looking at TD, you’ll find loan amounts that can range from $5,000 up to $50,000, with repayment terms stretching from one year all the way up to seven years. This flexibility can be a big help when you’re trying to match a loan to your specific needs and budget.
Here’s a quick look at what TD Bank typically offers:
- Loan Amounts: $5,000 – $50,000
- Loan Terms: 1 – 7 years
- Potential APRs: 8.99% – 23.99%
It’s worth noting that like other big banks, TD often looks for borrowers with good credit. If you’re already a TD customer, sometimes having that existing relationship can make the application process smoother, and maybe even get you a slightly better deal. They also have optional programs like LoanProtector, which is a type of insurance for your loan, but make sure you understand all the details and costs involved before signing up for anything extra. Applying for credit too often in a short period can hurt your credit score, so it’s smart to do your homework and apply only when you’re ready.
7. CIBC
When you’re looking at CIBC for a personal loan, they offer a pretty straightforward approach. You can get funds for just about anything, and they make it clear that you’ll have fixed payments and some flexibility in how you pay it back. This means you know exactly what you owe each month, which is nice for budgeting.
One thing that stands out is their openness about prepayments. CIBC lets you pay off your loan early, in full or in part, without hitting you with any extra fees. This is a big deal if you happen to get some extra cash and want to knock out your debt faster. They also mention options for adjusting your payment schedule, which could be helpful if your income changes.
Here’s a quick look at what they offer:
- Fixed Payments: Predictable amounts due regularly.
- Flexible Repayment: Options to adjust your schedule.
- No Prepayment Penalties: Pay extra or pay it off early without extra charges.
- Loan or Line of Credit: You can choose between a lump sum loan or an ongoing line of credit.
They also have a calculator on their site to help you figure things out, which is handy. Just remember that the interest rates you see advertised aren’t always the exact rate you’ll get. It depends on your situation. They also offer creditor insurance, which is an optional add-on to help cover payments if something unexpected happens, like a disability or death. It’s worth looking into if you want that extra layer of security for your family.
8. RBC
Royal Bank of Canada, or RBC, is another big player in the personal loan game for 2026. They offer a pretty standard setup, letting you borrow a lump sum and pay it back over time with regular installments.
RBC gives you options when it comes to interest rates, letting you choose between fixed and variable. A fixed rate means your payment amount stays the same for the whole loan term, which is nice because you know exactly what to expect each month. A variable rate, on the other hand, can go up or down depending on the RBC Prime Rate. If rates drop, your payment might stay the same but you’ll pay off the loan faster, or your payment could go down. If rates go up, your payment amount might stay the same, but you’ll end up paying more interest over a longer period.
Here’s a quick look at some of the perks:
- Flexible Terms: You can usually pick a loan term anywhere from 1 to 5 years. This lets you match your payments to your budget.
- No Early Payment Penalties: This is a big one. If you get a bonus or just want to pay off your loan faster, you can do it without getting hit with extra fees. You can even pay it off in full anytime.
- Payment Flexibility: You’re not stuck with just one payment schedule. RBC lets you choose to pay weekly, bi-weekly, semi-monthly, or monthly. Making more frequent payments can actually save you money on interest over time and help you pay off the loan quicker.
- Skip-a-Payment Option: Life happens, right? RBC offers a feature where you can skip one monthly payment per year. Just remember, interest still accrues during that time, so it might extend your loan term a bit. It’s good to know this is available if you hit a rough patch, though.
9. Mogo
Mogo is another player in the personal loan space, and they’ve been around for a bit. They offer loans that can stretch out over a decent amount of time, which is good if you’re looking for smaller monthly payments.
When you’re thinking about a loan from Mogo, here’s a quick look at what they generally offer:
- Loan Amounts: You can typically borrow anywhere from $500 up to $35,000. So, it’s not for huge purchases, but it covers a lot of common needs.
- Loan Terms: They have terms that can go from 6 months all the way up to 60 months, which is five years. This flexibility means you can try to match the loan length to your budget.
- Interest Rates: This is where things can vary a lot. Their advertised rates can range from about 9.90% to as high as 46.96%. It’s super important to know your actual rate before you agree to anything, because that high end is pretty steep.
Getting a loan with Mogo, like with most places, usually involves checking your credit. They’re not a bank in the traditional sense, so their process might feel a little different. They also have a mobile app that ties into their financial services, which could be handy if you like managing things on your phone. Just remember to compare their rates and terms with other lenders to make sure you’re getting the best deal for your situation.
10. Fig Financial
Fig Financial is a company that offers personal loans, and they’re worth a look if you’re trying to figure out your options for a 10-year loan. They seem to focus on making the borrowing process pretty straightforward.
One thing that stands out is their approach to loan terms. While many places might stick to shorter terms, Fig Financial appears to offer longer repayment periods, which can be a big deal for managing your monthly payments. This flexibility in repayment can make a significant difference in your budget, especially for larger financial goals.
When you’re thinking about a loan, it’s always good to know the range of amounts you can borrow and what the interest rates might look like. Fig Financial’s loan amounts can vary, and like any lender, they’ll have specific interest rates based on your financial situation. It’s a good idea to get a quote directly from them to see what works for you.
Here are a few things to keep in mind when considering Fig Financial:
- Loan Amounts: They offer a range of loan amounts, so you can likely find something that fits your needs, whether it’s a smaller sum or a larger one.
- Repayment Terms: The availability of longer terms, like 10 years, is a key feature that can help make payments more manageable.
- Application Process: While I don’t have the exact details, companies like Fig Financial usually aim for a simple online application.
- Collateral: It’s not always clear if they require collateral for their loans. If you’re looking to avoid putting up assets, you’ll want to confirm this with them directly.
Remember, understanding the total cost of the loan, including any fees and the interest over the full term, is super important. Always read the fine print before you sign anything.
Wrapping Things Up
So, we’ve gone over a lot about 10-year personal loans for 2026. It’s clear these loans can be a pretty useful tool for all sorts of things, from fixing up your house to getting a handle on credit card debt. Just remember, it’s not a decision to rush into. Take your time, really look at what different lenders are offering – think about the interest rates, the fees, and how long you’ll be paying it back. Comparing your options is key, and make sure you’re comfortable with the monthly payments. By doing your homework, you can find a loan that actually helps you reach your goals instead of becoming a burden. Good luck out there!
Frequently Asked Questions
What exactly is a 10-year personal loan?
A 10-year personal loan is a type of loan where you borrow a set amount of money all at once. You then pay it back over a decade with regular payments, usually monthly. Think of it like getting a big chunk of cash now and paying it back little by little for a long time.
Why would someone choose a 10-year loan instead of a shorter one?
The main reason is that longer loans mean smaller monthly payments. This can make it easier to fit into your budget, especially if you need a large amount of money or want to manage your monthly expenses more easily. However, you’ll likely pay more in interest over the full 10 years.
Can I pay off my 10-year loan early?
Many lenders allow you to pay off your loan ahead of schedule without any extra charges. This is a great way to save money on interest. It’s always a good idea to check the loan agreement to see if there are any penalties for early repayment.
What’s the difference between a secured and an unsecured personal loan?
An unsecured loan doesn’t require you to put up any of your belongings as a guarantee. A secured loan does; for example, you might use your car as collateral. Secured loans can sometimes offer lower interest rates or larger loan amounts because they’re less risky for the lender.
How do I find the best 10-year personal loan for me?
Start by comparing different lenders. Look at their interest rates (APR), how much they let you borrow, the repayment terms, and any fees. It’s smart to check with both big banks and online lenders to see who offers the best deal for your situation.
What if my credit score isn’t perfect?
Don’t worry if your credit score isn’t the best. Some lenders, especially online ones, are more flexible with their requirements. While a lower credit score might mean a higher interest rate, there are still options available to help you borrow money.
