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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

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