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Are there different types of Term Loans?

There are three main classification found in Term Loans: short-term term loan, intermediate term loan, and long-term term loan.

  • A Short-Term Loan is typically used to meet immediate funding needs that can be repaid immediately.
  • Intermediate-Term Loans are usually offered for a period of up to 84 months (7 years).
  • Long-Term Loans are typically repaid over three to 10 years, and in some cases as long as 25 years.
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