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Loan Glossary

Q. What does term mean?

Answer:

This is the length of time that a borrower has to repay an amount of money. The term of a loan depends on the amount of money borrowed, the size of the monthly payments and the interest rate. For smaller loans, the term is usually 1 to 5 years, but for larger amounts of money, such as in a mortgage, the term can be up to 30 years.

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