What Is an Installment Loan?

An installment loan is a loan for a set amount of money that the borrower repays in equal, regularly scheduled repayments.

What Are The Benefits Of an Installment Loan?

Installment loans usually have fixed interest rates, so the repayments remain predictable from month to month.

Installment loans are also a great way to make payments over a longer period of time, which can be helpful if a seller’s business is experiencing slow periods or if they need to spread out the cost of a large purchase.