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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.

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

Go to StudentLoans government website with your verified FSA ID . The first step in getting student aid is completing the Application for Federal Student Aid (FAFSA) at www.FAFSA You must do this every year.

Some of the common types of installment loans offered by most banks and lending institutions include mortgage, home equity, car, and student installment loans as well.

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

A good place to begin shopping for an installment loan is with your local bank or credit union, where you already have an established relationship with a potential lender. And if you are approved for an installment loan from your local bank or credit union where you already have accounts such as checking or savings accounts, you may qualify for dis