Let me make it clear about what exactly is An Installment Loan?

In the event that you’ve never heard that exact term if you’ve ever financed a car, taken out a mortgage loan or are now paying back student loans, you already know what installment loans are, even.

By having an installment loan, you borrow a lump sum of cash. You then pay that cash back on a month-to-month foundation, with interest, until your entire stability is fully gone.