Term length
Cards & borrowingThe total duration of a loan or credit agreement.
Overview
Term length determines how many payments you will make.
Longer terms spread repayments but increase total interest.
Why it matters
- It affects monthly affordability.
- It changes the overall cost of borrowing.
- It can influence eligibility decisions.
FAQs
What is a typical loan term?
It depends on the product. Personal loans are often 1 to 7 years, mortgages much longer.
Is a shorter term better?
It reduces interest but increases monthly payments.
Related terms
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