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Some are single-payment loans, meaning the borrower must pay the full amount of the loan plus the interest rate fee within a month or so. Installment loans can be paid back over three or six ...
A title loan (also known as a car title loan) is a type of secured loan where borrowers can use their vehicle title as collateral. [1] Borrowers who get title loans must allow a lender to place a lien on their car title, and temporarily surrender the hard copy of their vehicle title, in exchange for a loan amount. [ 2 ]
An installment loan is a type of agreement or contract involving a loan that is repaid over time with a set number of scheduled payments; [1] normally at least two payments are made towards the loan. The term of loan may be as little as a few months and as long as 30 years. A mortgage loan, for example, is a type of installment loan.
When used in the context of residential real estate, it is also called "bond-for-title" or "owner financing." [ 1 ] Usually, the purchaser will make some sort of down payment to the seller, and then make installment payments (usually on a monthly basis) over a specified time, at an agreed-upon interest rate , until the loan is fully repaid.
Debt consolidation: A debt consolidation loan is a type of personal loan that allows you to roll multiple lines of high-interest debt into a single account with a fixed monthly payment.
Most are single-payment loans, which means you pay the entire back, plus fees, on the due date. Some title lenders may offer installment plans. You may also qualify for a title loan without ...
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