7 Steps to Responsible Borrowing (Step 3)by Unknown
STEP 3 – Duration – A short term is better. A longer term loan usually leads to a more appealing, smaller repayment every month. However, if you can comfortable pay a larger sum towards the loan every month, without hurting your lifestyle and other financial commitments, then you should do it. A long repayment period may mean lower repayments but it also means you will pay more interest over the life of your loan.