What exactly is An Installment Loan?. Types of Installment Loans

What exactly is An Installment Loan?. Types of Installment Loans

An installment loan is ways to borrow cash, typically for just one big purchase such as a vehicle, home or university education. 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 bank cards, which offer a line of credit to constantly borrow from in the place of an amount that is single repay. Continue reading “What exactly is An Installment Loan?. Types of Installment Loans”