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For example, you can use them to make a major purpose or combine credit cards into one loan that you pay off in small, manageable chunks. One well-known type of installment loan is a personal loan .
Key takeaways. Installment loans can include mortgages, auto loans, personal loans and some types of home equity loans. Interest can be calculated at a fixed or variable rate.
Some unsecured small business loans are harder to get since a lender takes on more risk with this type of loan. These loans also tend to have higher interest rates to help account for that risk.
An installment loan is a type of agreement or contract involving a loan that is repaid over time with a set number of scheduled payments; [1] normally at least two payments are made towards the loan. The term of loan may be as little as a few months and as long as 30 years. A mortgage loan, for example, is a type of installment loan.
Small business loans usually range from $1,000 to $5 million. Different types of small business loans are designed to meet various funding needs. From long-term commercial real estate loans to ...
Consider a secured installment loan: Some lenders offer secured installment loans to those with poor credit. These loans are backed by collateral, like a house or car, reducing the risk for the ...
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