The three main components of a loan in Westminster, CO, are the principal, the interest rate, and the loan term. The principal is the amount borrowed from the lender, which you need to repay over time. The interest rate is the percentage of the principal the lender charges as a fee for borrowing the money. This interest rate can be fixed or variable and can significantly impact the overall cost of the loan. The loan term is the time you need to repay the loan. This can vary from a few months to several years, depending on the type of loan and the borrower's needs. Longer loan terms typically mean lower monthly payments but higher overall interest costs.