An installment loan is money you borrow and pay off with fixed payments — or installments — over a length of the time, or term. It varies from the revolving personal credit line, which you have with a charge card, that lets you borrow money each time you create a purchase.
Kinds of installment loans
Here’s a summary that is brief of kinds of installment loans:
Unsecured loans: These loans can be obtained by banking institutions, online loan providers and credit unions, and may be utilized for pretty much any purpose, frequently to combine financial obligation.
Signature loans are paid back in monthly payments. Interest levels generally consist of 6% to 36per cent, with terms from two to 5 years. Continue Reading