should a yield curve influence a borrower's preferred maturity of a loan?

Point

Yes. If there is an upward-sloping yield curve, then a borrower should pursue a short-term loan to capitalize on the lower annualized rate charged for a short-term period. The borrower can obtain a series of short-term loans rather than a single loan to match the desired maturity.

Counterpoint

No. The borrower will face uncertainty regarding the interest rate charged on sub-sequent loans that are needed. An upward-sloping yield curve suggests that interest rates may rise in the future, which will cause the cost of borrowing to increase. Overall, the cost of borrowing may be higher when using a series of loans than when matching the debt maturity to the time period in which funds are needed.

Which one is correct?