What is an installment loan example?
Channel: Fin Tip
Date: 2020-11-19

What is considered an installment loan? What is an example of installment credit? What is a modern example of an installment plan? What is the difference between an installment loan and a mortgage?

Source: Wikipedia.org, http://www.longtermloans.ca/blog/what-are-installment-loans-online-and-its-top-5-benefits

What do You think? What are Installment Loans? To know the truth about these loans you must know why it’s called an installment loan. It could axiomatic to all, if you are approved by traditional banks or money lenders, the borrowers feel, they are stuck into something unstopped cycle. But don’t worry, we are here for your assistance. The term “installment loan” may not sound familiar, but you probably know about — or have even used it. 

In short, If you borrowing the funds every payment amount is known as an installment, which is why it’s called an installment loan. The payment of interest on loans in installments can be made as early as the sixth century BCE.

Video Source: https://www.youtube.com/watch?v=hSU-eXOiNP0

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