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An installment loan is a method to borrow cash, typically for just one big purchase such as an automobile, home or university training. After getting authorized by a loan provider, the debtor gets a lump sum payment and repays the mortgage over a group term in monthly premiums, or installments.

Installment loans work differently than revolving credit, such as for instance bank cards, which offer a personal line of credit to constantly borrow from in place of a single add up to repay. Revolving credit permits the cash to again be borrowed once it is paid, whereas an installment loan account is closed when it’s repaid.

You need to know about what they are and how they work if you’re considering taking out an installment loan, here’s what.