An installment loan is similar to a home equity line of credit (HELOC). Both types of loans allow borrowers to use their homes as collateral. However, while a HELOC provides immediate access to funds, an installment loan requires the borrower to repay the loan within a specific period. Typically, this period lasts between six months and two years. If the borrower fails to make timely payments, they will lose their property. With Flexible Repayment Terms, borrowers can choose suitable repayment periods that match their financial situation.