But unlike many loans, installment loans are created to provide short-term economic relief that’s best suitable for unforeseen emergencies. Installment loans are repaid in fixed monthly premiums (or installments). The total amount of these repayments depends upon a few facets like the quantity lent, APR, therefore the amount of the definition of. Repayment terms can are priced between 3 to 18 months.
Another good thing about an installment loan is you can prepay your loan in complete at any moment or make extra repayments towards your principal without charges. Continue reading