The length of time someone takes to repay their loan.
A repayment period is the allocated amount of time to repay a loan. This is generally weekly or monthly. A typical repayment period would sound like this: You will pay R100 every month for 24 months.
Can it be re-negotiated?
Depending on your lender’s policy and the type of loan, you may be able to re-negotiate your loan repayment period. Generally, lenders are accepting of early repayment, however, a longer repayment will mean a larger amount of interest paid and therefore total amount repaid will be higher.