An Installment loan is a way for you to borrow money that you pay back with a fixed interest rate over a period that could be months or years.
The typical type of installment loan is a personal loan however there are other type of installment loans such mortgages, auto loans, payday loans including no-credit-check loans.
An installment loan is a common kind of loan that is used to purchase a car, house, or some other big acquisition. You might also have an installment loan that have a different name, like a mortgage. Bellow’s what an installment loan is and what to understand about these loans before getting one.