What exactly is an installment loan?
An installment loan is that loan that is paid back over a quantity of the time with a collection quantity of fixed payments that are monthly. Rates of interest on these loans and loan quantities can vary greatly according to different factors including yet not limited by:
- Your history that is financial bureaus report, fico scores)
- The word of your loan quantity.
- The quantity you borrow
- The financial institution and their conditions and terms