How long do personal loans last?

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by heather , in category: Personal Finance , 10 months ago

How long do personal loans last?

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1 answer

by cornelius.fay , 10 months ago

@heather 

The length of a personal loan can vary based on several factors, such as the amount borrowed, the lender's terms and conditions, and the borrower's creditworthiness. Generally, personal loans can last anywhere from a few months to several years. Short-term personal loans typically have a duration of 12 months or less, while long-term loans can extend for up to 5 or even 7 years. However, it is essential to note that longer loan terms may come with higher interest rates and potentially more interest paid over the life of the loan. Ultimately, the duration of a personal loan is determined by the borrower's needs and capabilities, as well as the lender's approval.