What does "term" mean for a HELOC?

The term options for HELoans through Prosper vary depending on the lender, and in most cases, borrowers can choose a term that best suits their needs. In general, the longer the term, the lower the recurring payment. On the other hand, shorter terms typically come with lower APRs and will reduce the total amount of interest you pay over the life of the loan. Term options are subject to credit approval.