An installment loan is ways to borrow cash, typically for an individual purchase that is large installmentloansgroup.com as a car, household or university training. The borrower receives a lump sum and repays the loan over a set term in monthly payments, or installments after getting approved by a lender.
Installment loans work differently than revolving credit, such as for example bank cards, which offer a line of credit to constantly borrow from instead of a single add up to repay. Revolving credit permits the income to be lent once again as soon as it’s paid, whereas an installment loan account is closed when it’s repaid. Continue reading