The definition of “installment loan” relates to any sort of consumer loan this is certainly reimbursed as time passes on a schedule that is fixed. Installment loans are generally utilized to combine other debts, build credit, or fund purchases that are big homes or automobiles. Getting a closer glance at just exactly how these loans could affect your money, we examined the most frequent kinds of installment loans, in addition to alternative services and products for all searching entirely to create credit.
Installment Loan Defined