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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.
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%.
Advertised interest rates range from 8% to 36%, though the average interest rate on a two-year personal loan was 11.92% as of May 2024, according to the Federal Reserve Bank of St. Louis.
Fixed-rate loans. Fixed-rate loans come with an interest rate that doesn’t change over the repayment term. You make the same monthly payment for the duration of the loan, with a portion of each ...
Installment loans allow you to borrow money and pay it back in equal monthly payments, usually at a fixed interest rate. They can be handy and versatile personal finance tools.
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