In installment loans, you have to borrow a certain amount from the online lender and you have to repay the loan in a set of time which is fixed by the lender mostly it is monthly. Because of flexible repayment, you can easily pay off the loan within a given time. If you will able to do this then this will give you benefits. And this benefit will reflect on your CREDIT REPORT.
This credit report is compiled by Equifax or Experian and eventually, it will help you to improve your credit score. A good credit score means you will get loan approval easily with much less interest rate or APR as compared to loans with bad credit.