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How to Decide on the Term of the Loan

If you need a personal loan, the sooner you pay it off the better. Lenders view long term loans as risk, and therefore they often reserve their best personal loan rates for short-term loans. Short term loans are usially considered around three to five years maximum. Try to go for the shortest personal loan term, and be sure to get quotes from a few lenders. Don’t forget to compare the APR for each offer separately.

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