L
Loans
Loan Term
The agreed period over which a loan must be repaid, usually expressed in months. A longer term means lower monthly payments but more total interest paid over the life of the loan.
Usage Examples
"I chose a 48-month loan term to keep my monthly payments manageable at R2,100."
"Extending the loan term from 24 to 60 months lowered my payment but increased total interest by R15,000."