What are the possible disadvantages of long term loans?

[Trush Jodie]

Long term loans are always thought to be good because it gives a person time to repay. But I deeply believe that long term loans would have their own disadvantage too. They are not perfect.

What are the possible disadvantages that plague a long term loan?

 

[eLdavis]

The major disadvantage with long term loans is that at the end of the day, it would cost you more when it comes to playing back.

 

[King Belieal]

Long term loans just put you in financial distress for a long time. And your mind would be settled financially for that long period of time.

 

[Springtime]

If you take out a long-term loan, that means you are paying more interest. And it takes a longer time for you to become debt free.

 

[Suba]

There are some disadvantages of long-term loans, the interest burden that you have to pay will be higher, the risk of economic changes such as crises or inflation will reduce your ability to repay the loan. the risk of losing collateral assets etc.

 

[Nomad]

You will have to pay interest extended period of time and you you will end up paying a lot of money as an interest

 

[Fidelia]

The longer the loan, the longer you have to pay interest and that can be financially draining when the loan lasts for years.