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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