There are various types of installment loans. The most common are auto loans, mortgages and personal loans. If you don’t have any idea about this, then you can read further to understand this loan one by one.
Auto Loan
This loan is considered as an installment loan and a person uses this one to purchase a new vehicle. You can repay the amount in monthly installments which range from 12 to 90 months and direct lender gives you that loan on flexible features and multiple benefits.
Mortgages
This loan is used for buying a house and repayment term may vary from one lender to another. And most of them come with a fixed interest rate.
Personal Loan
You can use this loan for various purposes such as paying unexpected expenses or consolidate debts. And many lenders in the UK provide this loan without any collateral.