What is a long-term loan?
Long-term loans allow you to borrow larger sums of money that you can repay over an extended period of time.
You’ll have to pay the money you borrow in monthly instalments with added interest. Long-term loans tend to have lower interest rates than short-term loans. However, as you will be paying the interest back for a longer period, it’s possible you could end up paying more in interest overall with a longer term loan.