[Home](/) > [Loans](/loan/) > [Short Term Loan](/loan/short-term-loan) > [$20,000](/loan/short-term-loan/20000) > 7 years

# Repay sooner with a shorter term

A shorter loan term means higher repayments but significantly less total interest. A Harmoney personal loan over 3 years costs less in total than the same amount over 5 or 7 years — and you are debt-free sooner.

The total cost of a loan depends on both the rate and the term. A {{currency_symbol}}10,000 loan at the same interest rate costs less in total interest over 3 years than over 7 years — the difference can be thousands of dollars. If your budget can handle higher repayments, a shorter term saves money. Use the calculator on this page to compare 3, 5, and 7 year terms side by side. And if your circumstances change, you can pay off a Harmoney loan early at any time with $0 exit fees.

## Available products

- [Personal Loan](/personal-loan)
- [Car Loan](/car-loan)

## Popular purposes

- [Debt Consolidation](/personal-loan/debt-consolidation)
- [Home Improvements](/personal-loan/home-improvement-loan)
- [Holiday Expenses](/personal-loan/holiday-loan)
- [Purchase Used Vehicle](/personal-loan/used-car-loan)
- [Purchase New Vehicle](/personal-loan/new-car-loan)
- [Business Cash Flow](/personal-loan/business-loan)

## What customers say about short term loan

4.8 out of 5 from 20,936 reviews
ShopperApproved (18,693) · Google (1,876) · ProductReview (367)

> "Harmoney got information of my assets, liabilities, my historical financial stability in addition to taking into consideration a short term financial situation. In comparison to other lenders that take a quick financial snap shot which isn't an accurate reflection of long term financial behaviours."
>
> — Bradley B., 4 years ago (ShopperApproved), 5/5 stars

> "Easy process, no BS, approved the loan very quickly."
>
> — Rand E., 2 months ago (Google), 5/5 stars

> "able to get loan quickly and easily. Great help"
>
> — Allison F., 4 years ago (ShopperApproved), 5/5 stars

> "Very helpful in the short amount of time"
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> — Maggie F., 4 years ago (ShopperApproved), 5/5 stars

> "Very easy to apply for a loan and love that you can repay early without any fees"
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> — Philip B., 5 years ago (ShopperApproved), 5/5 stars

> "Everything went well, was handled quickly and I like the option to repay the loan weekly"
>
> — Thomas B., 4 years ago (ShopperApproved), 5/5 stars

> "Easy and straight forward application process."
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> — Paul F., 2 weeks ago (Google), 5/5 stars

> "Fast, effective and great customer service"
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> — Walter B., 2 weeks ago (Google), 5/5 stars

> "WOW, what a great experience - applied and approved in 20 minutes - Amazing - Thank you Harmoney - Highly Recommend"
>
> — Robert H., 2 weeks ago (Google), 5/5 stars