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One well-known type of installment loan is a personal loan. Other examples of installment loans include student loans, mortgages and auto loans. What is an installment loan?
An installment loan is a lump sum of money that you borrow and then pay back in fixed intervals. Installment loans are often used to finance a major purchase, like a house, car or boat, or to ...
Installment loans are one of the most common ways to finance life’s bigger expenses. While they all operate similarly, the most common installment loans have different functions and interest rates.
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.
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 of these loans.
For example, if you think you may pay off the loan early, a simple interest rate may be more beneficial. If you find that multiple lenders offer similar terms and rates, look for features that set ...
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