long term loan
Multi-year borrowed money
A long term loan is borrowed money repaid over an extended period, typically more than one year and often five to thirty years.
Mortgages and auto loans are common examples.
The longer repayment period means lower monthly payments but more interest paid overall: We took out a long term loan to finance the renovation.
- mortgageSecured home loan
- debtMoney owed another
- financingProviding capital for purchases
- interestAttention, stake, or fee
- interest rateCost of borrowing money
repayment · principal · amortization · collateral · installment · borrowing · credit · bank · duration · maturity · equity · refinance · secured · monthly · payments · balloon payment · pay off · debt free
long term loanshort term loan
Borrowed funds, quick payback
payday loan · bridge loan · cash advance · demand loan · short-term credit
long, longer, longest, longish, length, lengthen, lengthy, prolong, prolonged