Term Loans are like balloon loans - a single lump sum payment at the end of a term except that they assume no payments until a set due date. 

For most lenders Term Loans are not appropriate so you should leave the default selection to NO. 

If you wish to create a loan product where:

  1. Set term 
  2. Interest accrues weekly, fortnightly or Monthly 
  3. A single installment (the loan will have 1 installment)

Then choose TERM. Otherwise please leave this in the default setting. 

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