Exactly what are installment loans?
Once you have authorized for an installment loan, you get the funds as a lump amount. Then you pay off the mortgage through a collection number of re payments, or ‘installments.’ Enough time you are taking to cover back your loan may differ, and it is called your loan term.
Secured vs. short term loans:
secured personal loans are supported by a secured asset, just like the equity in a home. Securing that loan will allow you to get access to reduced interest levels and possibly borrow additional money than you might with a loan that is unsecured. On the other hand, quick unsecured loans don’t need security to borrow cash. (more…)