- Auto Finance
- Fitch Says Prime Losses Down But Issues Words of Caution
- Auto Equity Loan
- How the Online Loan Saved My Life!
- Banking
- How do I get the Best Banking Services?
- Banks now offering payday loans
- Money 101 A Guide to Gaining Control
- Finance - Business
- Merchant Cash Advances
- Payday Loans: Quick Cash or Quicksand?
- RiskChat: What is Risk Intelligence?
- Finance - Home
- 6 Things Retirement Calculators Get Wrong
- What is Home Equity?
- Bank Foreclosing? Try one of these options
- Finance - Personal
- Urgent Payday News
- Online and in a Hurry – Can a Cash Advance Be a Fast Mistake?
- Can I Get an Emergency Loan with Bad Credit?
- Financial Calculators
- Money 101 A Guide to Gaining Control
- What is a Mortgage Calculator?
- 3 Ways to Use a Mortgage Calculator
- Insurance
- Do You Need Pet Insurance
- Have You Thout About Renters Insurance?
- Do You Need Disability Insurance?
- News and Press Releases
- All Work and No Play
- Predatory Payday Lenders Put Military Families in the Crosshairs
- Subprime Auto Lender Faces Fraud Charges
- Personal Insurance
- Take an Example From this Woman Without Health Insurance
- Have You Thout About Renters Insurance?
- Is Your Insurance Agent a Facebook Friend
- Reference Library Finance and Loans
- Portrait of a Subprime Lender: Allan Jones, Payday King
- New Resources for Consumers
- Treasurer McCord Says Payday Loan Alternative Helping People Save Money, Rebuild Personal Finances
Installment Loans
Published: 06/03/2009
Installment Loan
An installment loan is a loan that is repaid over time with a set number of scheduled payments. The term of loan may be as little as a few months and as long as 30 years. A mortgage, for example, may be considered a type of installment loan.
The term is most strongly associated with traditional consumer loans, originated and serviced locally, and repaid over time by regular payments of principal and interest. These “installment loans” are generally considered to be safe and affordable alternatives to payday and title loans, and to open ended credit such as credit cards.
In 2007 the US Department of Defense exempted installment loans from legislation designed to prohibit predatory lending to service personnel and their families, acknowledging in its report[1] the need to protect access to beneficial installment credit while closing down less safe forms of credit.
