A "Loan Term" refers to the length of time a borrower has to repay a loan. It can vary widely, typically ranging from a few months to several years, depending on the type of loan and the lender's policies. Common loan terms include short-term loans, which may last from a few months to a year, and long-term loans, which can extend from three to thirty years. The loan term affects the monthly payment amount and the total interest paid over the life of the loan. Generally, longer loan terms result in lower monthly payments but higher overall interest costs, while shorter terms lead to higher payments but less interest paid.