What are the benefits of a long term loan?
select all that apply.
a), you have a lower monthly payment
b), you have longer to pay it.
c), you can borrow more money.
d), you can pay it off quickly.
c), you will pay fees.

The correct options are: A - B

A short-term loan is a type of loan that must be repaid within a maximum period of one year. For its part, a long-term loan is one that has a maturity of more than one year, that is, it can be repaid in installments whose payment period exceeds twelve months. By offering the option of returning it over a long period of time, allows you to choose the number of installments with which we will feel more comfortable paying. Long-term loans are better adapted to the solvency capacity of each user.

In many cases, contracts for long-term loans can be modified or renegotiated.

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