How long does it take to repay a loan

How long it takes to repay a loan will largely depend on the type of loan, and the lender. Payday loans are usually repaid within two weeks. Title loans may allow borrowers a matter of weeks, up to a couple of months to repay. Personal installment loans on the other hand can be repaid in up to a couple of years in some cases.

Repayment periods or repayment plans vary widely depending on what type of loan you have. A lot of small personal loans tend to be repaid quickly. Usually, these loans are designed for borrowers with lower credit scores who need quick cash. If you’re curious about a specific type of loan, you’ve come to the right place. Below is a shortlist of some of the most common loans, and how long their repayment periods tend to be.

Auto Loans: This is a loan used to purchase a vehicle. They can come directly from the dealership, or you can get one from a traditional lender like a bank or credit union. Typical auto loans are repaid within five to seven years depending on your specific terms and conditions.

Mortgages: A mortgage is a loan that allows you to buy a house, condo, or other types of property. They’re very large loans since property is quite expensive. Mortgage repayment periods are generally between 15 to 30 years.

Personal Installment Loans: A personal installment loan is a good alternative to other types of low-credit options. This is an unsecured personal loan that allows borrowers to get a few hundred dollars, up to several thousand. They’re normally repaid within a couple of months, all the way up to a couple of years.

Payday Loans: A payday loan is a short-term, high-cost cash loan for borrowers with low credit scores. They’re known for being repaid very quickly, and for carrying rather high interest rates. Usually, a payday loan is repaid within two weeks, or by the borrower’s next payday.

Title Loans: A title loan is a secured loan where the borrower offers their vehicle title as collateral. They are usually repaid within a couple of months, but that depends on the lender and the terms of the loan.

How Long Does It Take To Repay a CreditNinja Loan?

CreditNinja offers terms ranging from 4 – 24 months. Borrowers are also free to pay back their loan as early as they like with no penalty fees. CreditNinja also offers flexible repayment plans so you can spread out your payments and keep monthly installments affordable, if that’s what you need!