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HOW LONG SHOULD I LOOK TO BORROW MONEY FOR?
The length of time that you borrow money for is
called the term, or life span of your loan. Star Loan
Services has personal loan programs that will allow you
to borrow
for as little as 6 months, to as long as 72 months. We
will help you come up with a solution for your needs,
while fitting your budget.
Longer Terms = More Money!
Be aware that the longer the term of your
unsecured
loan, the more money you will end up paying over the
entire course of the loan. Yes, the longer the term, the
lower your monthly payments will be. However, the longer
the term, the more money you will pay in overall interest
for your loan.
For example, the chart below is based on a $5,000 loan
with an interest rate of 7% for 24 and 48 months.
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24 months |
48 months |
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Monthly Payments |
$224 |
$120 |
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Total Interest Paid |
$376 |
$760 |
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Determine what your
budget is!
It is not always the best idea to try and utilize the
smaller loan term. You need to determine what you can
afford as your monthly payment. Use our
personal loan calculator to help you
determine what the right loan term for you is.
** Note, if you are borrowing money for
consolidating
debt, you will not have to pay the high interest rates
associated with your
credit cards. Therefore, de-factor
the cost of your credit card interest rates when
determining what you can afford. If you are looking for
debt consolidation and you have bad credit, please check
out our
debt consolidation relief program before you apply
for your loan.
We invite you to
contact us before applying for your personal loan. We
can help you determine what the right loan term is for
your needs.
Apply now for a personal loan!
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