If you are borrowing more substantial sums of money, you must select a term that enables you to meet the repayments comfortably. The shorter the period you take to repay the loan, the higher the monthly repayments will be. It is essential to consider your loan term carefully as the longer you take to repay, the more you will pay in interest. At New Horizons you can apply for a loan over 3 to 36 months.