Title: How long should your personal loan terms be? | Fox Business
Headings: How long should your personal loan terms be?
Personal Finance
How long should your personal loan terms be?
1. Monthly payments
2. Current financial situation
3. Loan amount
4. Bonuses or benefits offered by a lender
5. Personal considerations

Content: Obviously, a larger loan balance over a short repayment term will have much higher monthly payments than a smaller loan over a longer repayment term. The amount of money you borrow can also affect your interest rate. TOP REASONS TO GET A PERSONAL LOAN
4. Bonuses or benefits offered by a lender
As you’re comparing rate offers from multiple lenders, ask if they’re offering any special promotions for terms. If you can score lower interest rates for part of your loan repayment timeline, you could save money and pay off the loan quicker. 9 OF THE BEST PERSONAL LOANS IN 2020
5. Personal considerations
When you’re considering loan terms, look at your personal situation. Will you have a tax return or other hefty paycheck that could help you pay the loan off quickly? Does the lender have early-repayment penalties? Does the lender require you to have specific repayment lengths?