Is a short loan term better than a long term?
While you’ll pay less interest with a short term personal loan, it really depends on your needs. If you need to borrow less than $10,000 and can pay it back in two or three years – a shorter term loan could work well for you.
On the other hand, if you need to borrow more than $10,000 and want smaller monthly repayments, a longer term loan may work better for your monthly budget – even though you’ll pay more interest over the long run. Longer loan terms give you more flexibility with monthly payments, especially if a lender doesn’t charge a prepayment penalty.
WILL YOU HELP NAMIBIANS ?
Hi Virgina,
Thanks for leaving a question on finder.
Unfortunately, the lenders featured on our website only caters to residents from the US, Australia, UK, Canada and New Zealand. You will have to check with your local lenders in Namibia if you are not from those 5 countries I mentioned. Sorry about that and I hope you find what you need.
Cheers,
Joel