An installment loan is just a loan that is long-term frequently due in little installments spread out over many weeks.
The lender gives the borrower a certain amount of credit under an installment loan. An installment loan is paid out in monthly installments over the course of several months unlike payday loans, which usually need to be repaid within 14-31 days.
In order to avoid the attention price caps set in position by a number of states, installment lenders employ two tactics: providing loan insurance coverage packages and persuading borrowers to restore their loans. Read more