What is an Installment Loan?

Installment Loans are small, short-term, no-collateral cash advances. They are usually under $5,000.

Installment Loans are backed by future income, which may be a future paycheck, dividend or any other type of regular income. They are paid back in a set number of scheduled payments. In the case of an Installment Loan, you borrow up-front and then repay the loan based on a fixed schedule. It’s called an Installment Loan because you pay back in installments. Installment Loans can last for several months and payments are spread out over the term of the loan.

If you find yourself using them as a way of paying for regular bills, you should consider credit counseling, debt-management aid or some other type of assistance. Please use Installment Loans responsibly.

Using Installment Loans 

Installment Loans are often used for unexpected expenses, such as medical or dental bills or car repairs.

Overview

  • Small amounts, usually under $5,000
  • Paid back with scheduled payments
  • For unexpected expenses


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