The duration of the loan indicates the period within which the person who has obtained a loan must repay it to the creditor. The repayment includes, in addition to the loaned capital, also the interests agreed by the parties and the accessory costs defined by the contract.

The duration of the loan is one of the elements that allow the distinction between personal loans and mortgages . The former are short-term loans and can have a maximum duration of 10 years, while the latter are medium-long term loans whose duration can reach up to 40 years.

The loan repayment period can be changed over time


The debtor can in fact decide to exercise his right to the early repayment of the loan and repay in advance what is owed to the creditor, reducing the actual duration of the contract. Alternatively, the debtor can request a renegotiation of the loan from the bank or financial company , modifying the terms of the original contract. By renegotiating the loan, the parties can decide to increase the loaned capital, change the interest rate or review the timing of the repayment.

When choosing the loan, the debtor must pay close attention to the duration of the contract : a very long duration leads to an increase in costs, while a short duration can increase the risk of insolvency. Taking into account the interest rate and the loaned capital, the debtor should choose the duration that guarantees the most sustainable installment over time.

Personal loans: get up to € 75,000 Loans comparison 

Loan estimate of 10000 euros

Loan estimate of 10000 euros

Financial: Simple Loan
Product: Personal Loan
TAN Fixed: 4.25%
APR: 4.44%
Loan duration: 60 months
Amount Financed: € 10,000
Total due: € 11.117

Monthly installment € 185 , 28 Feasibility check 

Financial: Legos
Product: Personal Loan
TAN Fixed: 5.16%
APR: 6.70%
Loan duration: 60 months
Amount Financed: € 10.146
Total due: € 11.735

Monthly installment € 193 , 19 Feasibility check 

Financial: Findloan
Product: “Your Projects” Credit
TAN Fixed: 6.01%
APR: 6.18%
Loan duration: 60 months
Amount Financed: € 10,000
Total due: € 11.602


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