Long term loans should be considered as loans that have a minimum duration of seven with an upper limit which can be up to fifteen years in duration.
No collateral is offered as a pledge against long term unsecured loans. This creates risk for a lender as they have no possibility of recourse in the event of a default in repayments by the borrower.
It is rare for long term unsecured personal loans to have durations that approach something that would be considered acceptable for a secured loan such as a home equity loan.
As a result 
of the lack of collateral the amount made available by a lender for an unsecured loan will be considerably less than that available for a secured loan.
Long term unsecured personal loans in the USA
As discussed, the duration will be shorter than for an unsecured loan and as a final point the interest rate will also be considerably higher.
These three factors are all set out by the loan provider at the outset of the loan to give what little protection is available to them in the event of a default.
Effectively they want to lend money at as high an interest rate possible and a duration as short as possible to get as much money back as quickly as they can to ward off the risk of default in the future.
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