The phrase "loan duration" refers to the length of time you have to repay a loan. It tells you how long you have to make regular payments until the loan is fully paid off. Full definition
The average loan duration is 21 months, the median interest rate 6 %. (ncfacanada.org)
The most common loan duration is 25 years, with the first 10 years featuring a revolving line of credit, and the final 15 years using a fixed schedule. (centralcoastlending.com)
Meeting the monthly payments can really alter your spending habits for the entire loan duration, so you should become as frugal as possible to ensure that you have the finances for this debt. (800loanmart.com)