If you borrow $5000 for four years that would be a long term Loan.
<h3><u>Explanation:</u></h3>
In finance,
Short term = period less than one year or 365 days.
Long term = period more than one year or 365 days.
Here the man who is borrowing the money that is the borrower is borrowing $5000 for a period of four years which is greater than one year or 365 days. This is why it is a long term loan. In the personal balance sheet, this loan should be reflected under long term liabilities.
Mostly you require a CREDIT score to apply for a loan in bank. A good credit score is that which lies in the 580 to 669 range. Interest rates vary from bank to bank.
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