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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.
Installment loans typically come with lower rates than credit cards and lines of credit. Plus, interest can be fixed, which makes payments predictable — and easy to calculate before you borrow .
Installment loans are a convenient option for consumers looking to cover a large expense, unexpected financial emergency, consolidate high-interest debt or buy a car or home.
As for its personal loan products, LendingClub offers installment loans for up to $40,000, with terms of three to five years and an APR of 9.57% up to 35.99%. Origination fees may range from 3% to 8%.
Common personal loans include mortgage loans, car loans, home equity lines of credit, credit cards, installment loans, and payday loans. The credit score of the borrower is a major component in underwriting and interest rates ( APR ) of these loans.
Equated monthly installment, a fixed payment amount made by a borrower to a lender at a specified date each calendar month; Installment Agreement, an Internal Revenue Service (IRS) program, which allows individuals to pay tax debt in monthly payments; Installment loan, a loan that is repaid over time with a set number of scheduled payments
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