The ‘term’ simply refers to the length of time the lender in Denver has given the borrower to repay the loan, with interest. A residential loan is typically either 15 or 30 years. Student loans often have a 10-year repayment pan, and personal loans are likely one to five years. The longer the term, the higher the interest rate in Denver. Bear in mind that the term is the maximum repayment period, the loan can always be paid off earlier within the term.