How to Keep Debt Affordable
Longer-term loans result in lower monthly payments for borrowers than short-term loans of equal loan amounts and interest rates.
From a financial perspective, it’s best to pay interest for the shortest length of time. However, it’s important you don’t obligate yourself with monthly obligations you won’t be able to afford.
To position yourself with the most affordable monthly payments, you can apply for the longest-term unsecured personal loan available that doesn’t have a prepayment penalty, and make additional principle payments when it’s possible.