Glossary Of Debt Management & Financial Terms
Term
The amount of time over which a loan must be fully repaid.
The time frame that has been laid out for when the credit has to be paid back by. A usual credit facility that utilises this method of repayment is a fixed term loan, whether secured or unsecured. An example would be a customer taking out a loan to be paid back in twelve monthly payments. Their loan term is therefore twelve months or one year.
See Loan, Credit and APR
