Loan Terms

Loan terms are the conditions set by a lender that define how a loan is repaid. They include the interest rate, which is the cost of borrowing; the repayment period, or how long you have to pay it back; and the monthly payment amount. Other factors may include any fees, the type of interest rate (fixed or variable), and any penalties for early repayment. Understanding these terms helps you know what to expect financially and ensures you can manage your payments responsibly throughout the life of the loan.