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”