Do you know about a study or research regarding the wordings “months” vs. “years” in the lent term context? Why and when do you suggest to use months/years instead of the other one and why? Loans could be offered between 12-144 months, always with 12 months/1 year steps.
Length in months helps users focus on the concept of time-base accrual, which can happen monthly or daily. This focus implicitly encourages them to be more accountable and responsible with the terms of the loan, and repayment. It also gives implicit education / edification, which reduces customer services costs (dissatisfaction through ignorance), and reduces risk of lay payments or default.