An Installment loan is a general term used for examples of personal and commercial loans. It is a type of loan where you can borrow a set amount of money. Unlike a credit card or a credit line, which are forms of revolving credit, you must determine the amount of money you need before borrowing.
You repay the loan over a fixed period that you and your lender agree upon before you get your loan. It’s typical to make monthly payments, but some agreements can vary. Every payment you make is called an installment, which is why it is an installment loan. Every payment will include paying off the principal of the amount borrowed and the interest on your debt.
An installment loan can have a reimbursement time of months or years. The interest rate could be permanent or adjustable, indicating it can go higher or lower during the loan term. Installment loans might include supplementary costs, for example, application or overdue fees. It’s vital to review the loan contract before taking out a loan to comprehend precisely how much you’ll need to repay.
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