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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.
Installment loans typically come with lower rates than credit cards and lines of credit. Plus, interest can be fixed, which makes payments predictable — and easy to calculate before you borrow .
Examples of secured loans include mortgages and auto loans. Secured installment loans may take more time to get. For instance, the approval process for mortgages averages 40 days and involves ...
Hire purchase. A hire purchase (HP), [1] also known as an installment plan, is an arrangement whereby a customer agrees to a contract to acquire an asset by paying an initial installment (e.g., 40% of the total) and repaying the balance of the price of the asset plus interest over a period of time.
For example, if you think you may pay off the loan early, a simple interest rate may be more beneficial. If you find that multiple lenders offer similar terms and rates, look for features that set ...
Predatory lending is one form of abuse in the granting of loans. It usually involves granting a loan in order to put the borrower in a position that one can gain advantage over them; subprime mortgage-lending [8] and payday-lending [9] are two examples, where the moneylender is not authorized or regulated, the lender could be considered a loan ...