loan term

  

Definition

Period over which a loan agreement is in force, and before or at the end of which the loan should either be repaid or renegotiated for another term. See also loan terms.

Use loan term in a sentence

  • You need to know what the loan term states and how much you still owe on it for your records.

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  • The loan term was very long and it was perfect for us, because it gave us plenty of time to deliver what we needed.

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  • You need to always be aware of the loan term and how much time you have left to pay it all off in time.

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