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# 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-loans)
- [Car Loan](/secured-loans)

## Popular purposes

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