An installment debt is a loan that is repaid by the borrower in regular installments. Installment debt is generally repaid in equal monthly payments that include interest and a portion of principal. It is a favored method of consumer financing for big-ticket items such as cars and appliances. The arrangement benefits all parties. The consumer benef

Because your credit score is such a crucial part of the loan application process, it is important to keep close tabs on your credit score in the months before you apply for an installment loan. Ensure you know what steps you need to take to get your credit score in tip-top shape before applying for a loan. Also, given lenders are likely to look at

In general, payday loans are for a shorter duration, have a higher interest rate, and are often paid back in a single lump sum payment on the borrowerﾒs next payday. In contrast, an installment loan can last for many months and payments are evenly spread out over the term of the loan.