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This very much depends upon whether your loan is secured or unsecured and how much you can afford to repay each month.
If you agree to a secured loan, your lender will not only be prepared to offer you a larger loan (subject to their credit checks and your ability to repay), but also allow you a much longer repayment term. Secured loans can often have a repayment term of between 10 and 25 years.
Unsecured loans typically have a repayment term of 3 to 10 years.
Of course you must consider how much you can comfortably afford to repay each month. You need to work out your other monthly outgoings and make sure that you are going to be able to make the loan repayments without excessive strain on your family finances. Be realistic and target a monthly payment that you know you can afford.
If you think your situation might change and in the future you might be able to increase your repayments, choose a loan with flexible repayment terms. Then you can pay your loan off loan early without having to pay any early repayment penalties.
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