If you’re just dipping your toes into the loan world, one of the terms you may have frequently seen is ‘installment loan.’
An Installment Loan: What is It?
An installment loan is any loan that you repay in regular scheduled payments. You pay the loan off in a predetermined length of time, months or years, in what is called a loan term.
Contrary to a line of credit or a credit card, you get a one-time disbursement upon your application, and to get additional money, you must go through the underwriting process again.
Installment loans include personal loans, student loans, mortgages, auto loans, payday advance loans, and buy now, pay later loans.
How Does an Installment Loan Work?
Having answered the fundamental question, “What is an installment loan,” let’s examine how it works,
An installment loan allows you to borrow a specified amount of money and pay it back over time – usually in monthly or bi-weekly payments – with interest. The loan term can be just a few months or up to 30 years in the case of a home mortgage.
Let’s say you’re purchasing a car or trying to consolidate all your bills into one low monthly payment. An installment loan can be an excellent way to increase your buying power and make a significant purchase possible.
What is an Installment Loan Used For?
You can take out installment loans to fill almost any need, from home and car repairs to paying an overdue bill. We offer various loan products with varying maximums depending on your monthly income to meet your needs.
Get Your Installment Loan From the Minute Loan Center
If you need an installment loan to resolve your current financial need, get it from us, Minute Loan Center. We offer our loans online and at our physical stores in various states. Find a location near you to see how best we can help you in your situation.
Because we service all of the loans ourselves, we are proud to be pioneers in our industry. We strive to say “yes” to every loan application and may approve your installment loan within minutes.
In addition to fast, accessible loans, we offer a wide range of other financial services. Contact us today to apply for your installment loan and help with any loan-related issues; you just have to let us know what is it you want help with.
Kevin brings over 15 years of experience in marketing, with a specialized expertise in growing online businesses. As the Director of Marketing at a leading FINtech company, he employs innovative strategies to enhance brand visibility and customer engagement. Kevin’s passion lies at the intersection of technology and finance, where he pioneers solutions that not only meet but exceed consumer expectations. His commitment to leveraging his expertise ensures impactful results and the building of lasting relationships in the digital landscape.
