Quick answer: A 48-month personal loan can lower monthly payment compared with shorter terms, but may increase total interest compared with 24 or 36 months.
When 48 months may fit
A 48-month term may fit larger expenses when a shorter payment is too high, but the borrower still wants a defined payoff schedule.
Tradeoff
The extra year can help payment fit but usually adds interest at the same APR.
Compare terms
Compare 36, 48, and 60 months using the same amount and APR assumptions.
Methodology
This page is educational and uses illustrative examples. Borrow Your Loan does not publish unverified partner rates, approval odds, or lender requirements. A lender or partner controls any final offer, APR, fee, amount, repayment term, and funding decision.
Sources and consumer references
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