The phrase "payoff period" refers to the amount of time it takes to recover or recoup the investment or cost of something. It is the duration needed to reach a break-even point or achieve a positive return on investment. Full definition
Plus installment loans have a much shorter payoff period compared to credit cards. (creditsesame.com)
Over time, this may help reduce your student loan principal and interest obligation by as much as $ 10,000, and shorten your loan payoff period by up to three years. (pwc.com)
A debt consolidation loan typically has a 5 - year payoff period at a fixed interest rate. (debt.org)