The loan term is the length of time given to pay off the loan.

What is the difference between principal and interest?

Principal is the amount of money that you borrowed. Interest is what the bank charges you to borrow that money.

What is the difference between a variable and a fixed rate?

If the rate is fixed, it stays the same for the life of the loan. A variable rate can change depending on its index (such as the Prime Rate).

What is APR?

An Annual Percentage Rate is a measure of the cost to borrow money. It reflects interest and other charges that you will pay each year.

What are the standard loan payback periods? How can I pay my loan off quicker?

Loan payback periods can vary from 1 to 30 years, depending on the amount you borrow and product terms. There are several ways to pay your loan off quicker:

Increase your monthly payments

Make an additional payment each year

Refinance your loan to a shorter term

How much will I have to pay in interest over the life of a loan?

What does my credit score have to do with anything?

Your credit score tells a story of your ability to manage your finances and make your payments. It can affect whether you’re approved for a loan as well as the rate you get.

What is debt consolidation? Why would I consider it? How could it benefit me?

Debt consolidation is taking multiple debts at various interest rates and combining them into one debt. This way, you’ll have one payment and one interest rate. Debt consolidation may make the debt much easier to manage and you may be able to save money on interest.

How much would I be able to save over what I’m paying now if I consolidated my debt with KeyBank?