What’s An Installment Loan? Installment loans are available two primary groups: secured and unsecured

What’s An Installment Loan? Installment loans are available two primary groups: secured and unsecured

An installment loan is a method to borrow funds, typically for an individual large purchase such as an automobile, home 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 instead of a solitary add up to repay. Continue reading «What’s An Installment Loan? Installment loans are available two primary groups: secured and unsecured»