What exactly is an installment loan?

Payments usually are made as soon as a however some lenders will allow you to pay bi-weekly or weekly month. Unsecured loans, figuratively speaking and car and truck loans are theoretically loans that are installment. Nevertheless, many loans that loan providers make reference to as installment loans are a kind of short-term loan, just like a loan that is payday.

Installment loans appear in bigger amounts and longer payment terms than pay day loans do, although they’re generally speaking smaller compared to your normal unsecured loan.

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