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An installment loan is a type of loan where you borrow a fixed amount of money at once and repay the loan over a set number of payments, referred to as installments.
Installment loans have fixed payment amounts which means how much you pay doesn’t change month-to-month. You’re required to make the fixed payments for the set period of months.
Examples of Installment Loans
- Personal Loan
- Auto Loan
- Debt Consolidation Loan