Consider overall costs plus future expenses and changes to income.
Factors in choosing term length in a personal loan
Evaluate all of your loan options based on both the conditions of the agreement and the term length. It can be exciting to get approved for a large loan amount, but you’ll have higher payments and pay more in interest with a bigger loan. Look at how long it will take you to pay off your target loan amount over different periods of time while still keeping payments affordable. Also avoid borrowing more than you need so you don’t take on unnecessary financial stress.
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