Home > Tag Archives: installment loans

Tag Archives: installment loans

The Different Types of Installment Loans

types of loans

An installment loan is a loan that allows you to pay back the loan with a number of scheduled payments over an agreed amount of time. Today, we are discussing the different types of installment loans so you can see which one is ideal for you. Keep in mind credit cards work in a similar manner but they are not considered installment loans. Unsecured Installment Loans Unsecured installment loans are usually for a small amount of money and have higher interest rates. However, they happen to be the most common type of loan found online. With this specific loan, you receive the money from the financial institution and pay back the loan over an agreed amount of time. You can utilize this loan when you need money only for a short period – 5 years or less. Lastly, when you make your payments on time it can help you rebuild your credit. Student Loans Student loans are another type of installment loan. With student loans, you receive a set amount of money for your educational costs and then once out of school you pay back the loans by paying a set amount each month. Student loans also allow you the ...

Read More »