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Installment loans — loans that enable you to definitely borrow funds and repay it in equal monthly obligations by having a fixed rate of interest — are a handy individual finance device if you’re seeking to repay sizable financial obligation in tiny, workable chunks.
The most typical variety of installment loan is really a loan that is personal but other examples of installment loans include no-credit-check loans, mortgages and automotive loans.
What exactly is an installment loan?
Installment loans enable people to borrow an amount that is predetermined of, disbursed in a swelling amount, which can be paid back with time. Typically, these loans feature a fixed rate of interest and require regular monthly premiums that stay equivalent every month.