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36 Month Loans – The Pros and Cons of Longer Loan Terms

Published at June 22, 2016 by Ana-Maria Sanders is a free loan-matching service that connects potential borrowers like you with one of our affiliate lenders. To help you get a loan to meet your needs, we work with a number of respectable lenders.

Getting a loan with one of our partners is easy through our online personal loan request process. We have designed our secure, streamlined form to be quick and simple. You start by filling in the short form by giving us some basic personal and financial information. Soon after that, you will learn whether or not you have been matched by one of our lending partners. In many cases, successful applicants can get their money as early as the next business day.

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Loan Products and Terms

Our affiliate lenders offer a variety of loan products, terms, and interest rates. Affiliates of offer loan terms (the amount of time required to repay the loan according to the terms of the loan) from 24 to 60 months in length. Our lenders offer a maximum APR of 35.99-percent. The total charges and fees depends on the affiliate lender and the terms of your loan. For example, a $10,000 loan with a 24-month loan term could have a total finance charge of $705.21 to $4,171.38.

In today’s market, the options for alternative lending are many. Some of your choices include Peer to Peer Loans (P2P), Personal Installment Loans, and Bank Personal loans. P2P Loans link you directly with a company or an individual, leaving banks out of the loop. Because of this, the reason for your loan must be disclosed. Personal Installment Loans are unsecured loans which are repaid over a period of time. Bank Personal loans allow you to request a loan at a local bank, by phone, in person, or online.

The specific loan product you choose may depend on what loans you qualify for.

Pros and Cons of 36 Month Loans

36 months is one time period for longer term loans. These loans have a number of advantages as well as disadvantages. Some of the pros and cons of 36 month loans are outlined below.

Pros of 36 Month Loans

Being able to repay a loan over a longer period of time may offer a number of advantages to borrowers:

  • More time to pay off loan fees and charges – Most loans, regardless of the lender, are subject to fees and charges. Longer loan terms allow these to be spread out over the duration of the loan. This means you to pay less in fees with each monthly payment and potentially more toward the principal.
  • Larger cash amounts - Lenders may be willing to lend larger sums of money for loans made for 36 months or longer giving you more money for larger projects and bigger needs.
  • The possibility of lower monthly payments - Spreading the loan out over a longer period often translates into lower monthly payments, keeping more money in your pocket each month.

Cons of 36 Month Loans

There are also some disadvantages that can accompany longer loan terms:

  • Greater risk for the lender - One of the advantages of a 36 month loan is that you can borrow a larger dollar amount. However, since the lender is giving you more money, they incur a greater risk. Because of this, there may be more hoops that you need to jump through to secure a longer term loan.
  • Pre-payment penalties - Being able to repay a loan early may sound like a great idea. However, your loan agreement may prohibit you from paying off your loan before the 36 months is completed. Check the terms of your agreement to determine your lender’s policies.
  • Borrowing more than you need - When faced with several great loan options for various lenders, you could be tempted to borrow more than you need. So while this may not be a disadvantage of the actual loan, it is something to look out for when applying for and accepting a longer loan agreement.

The Ease of Applying for a 36 Month Loan

If you find yourself in need of a loan, longer loan terms can be beneficial to you. The specific loan product along with its terms, fees and interest rates will depend on the lender and your lending agreement. To request a loan, fill in our secure online loan request form today.

Ana-Maria Sanders   LoanStart Marketing Manager
Personal Finance
Ana-Maria Sanders has always enjoyed helping people manage their finances. She has fond memories of helping her grandma cut offers out of the newspaper. As the main content writer and marketing manager for LoanStart, Sanders continues to help guide people through the complicated world of personal finances. She especially likes teaching people how to borrow and pay back loans.

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