Deciding on how long you want to pay back the money on your loan is a very important element, and one that you should give some serious thought to. Picking the wrong amount of time to payback your loan could add financial pressure on the monthly repayments.
You must make sure that you can afford the monthly repayment and be able to pay back the total loan amount.
Deciding on the period of time to pay back the loan is a really important decision as the shorter the period the cheaper the loan will cost. Longer periods will cost you more but maybe easier to payback because your monthly repayments will be smaller.
Spreading the loan repayments over a longer period of time is a great way to manage the monthly repayments but it will cost you more money, as you are paying out more money in interest.
Getting a lower APR or interest rate will make the loan more affordable.
Compare APR’s from leading loan lenders with our loans comparison table.