Quick answer: A 36-month term usually means a higher payment and lower total interest than a 60-month term at the same APR. A 60-month term can lower the payment but often costs more over time.
Example using $10,000 at 18% APR
These examples show the term effect only and exclude lender fees.
| Amount | APR | Term | Estimated payment | Estimated total interest |
|---|---|---|---|---|
| $10,000 | 18% | 36 months | $361.52 | $3,014.86 |
| $10,000 | 18% | 60 months | $253.93 | $5,236.06 |
How to choose
Choose the shortest term you can comfortably afford after essential expenses. If the shorter payment strains your budget, the lower monthly payment may reduce default risk even if total interest is higher.
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.