What is the minimum and maximum length of a loan’s term?
Loan terms can be anywhere between 3 month and 25 years. The average loan term as at September 2019 is 71 months. While some loans do carry a term of up to 25 years, they have an initial grace period (of two to five years) at a lower rate, before shifting onto a much higher interest rate for the remainder of the term. This tends to lead to a refinance.