Loan Term


A loan term is the length of time that you have to repay a loan. It is typically expressed in years, and it can vary depending on the type of loan and the lender. 


The loan term is an important factor to consider when taking out a loan, as it will affect the monthly payments that you will need to make. For example, a loan with a shorter term will have higher monthly payments than a loan with a longer term.

There are two main types of loan terms: fixed-term and variable-term.