Definition of an Intermediate-Term Loan

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An intermediate-term loan is a loan that has a payback period of seven to 10 years. Clean up a long-term loan portfolios, and open up current lines of credit for more activity by applying for an intermediate-term loan with advice from a registered financial consultant in this free video on personal loans.

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Video Transcript

This is financial adviser Patrick Munro talking about the definition of a intermediate term loan. The term intermediate means in between and when it comes to loans, there are many different types of loans. Long term loans are mortgage loans and normally there's not much that can be done about them, they run in terms of 30 year increments and they can be refinanced but when they're refinanced they're again refinanced for 30 years, sometimes they can be changed to 15. Short term loans are credit cards and payday loans and things of that nature. But if an individual has good credit and they're looking to clean up their long term loan portfolio and open up their current lines of credit for more activity, they can apply for what's called an intermediate term loan. That will take what's normally revolving credit and credit lines and credit cards and move it over into a 7 to 10 year intermediate term loan. Well 7 to 10 years is of course shorter then 30 years and a mortgage but it's longer then the short term loan process thereby the name intermediate term loan. This is financial adviser Patrick Munro talking about the definition of intermediate term loans.

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