What Exactly Is An Installment Loan?

What Exactly Is An Installment Loan?

An installment loan is ways to borrow cash, typically for an individual purchase that is large as a automobile, household or university training. The borrower receives a lump sum and repays the loan over a set term in monthly payments, or installments after getting approved by a lender.

Installment loans work differently than revolving credit, such as for example charge cards, which offer a line of credit to constantly borrow from rather than an amount that is single repay. (more…)

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