Installment loan

An installment loan is the most common form of borrowing . Both a personal loan and a revolving credit as other forms of credit make use of this principle. The concept of an installment loan is actually very simple. When you have taken out a loan for a certain amount, you will receive the amount in question fully deposited into your account. However, as soon as you have received the money, you must start with a monthly payment on your loan. The monthly payment consists on the one hand of the amount to be repaid, and on the other hand of the costs that are calculated on the loan.

However, an installment loan does not always have to have a fixed course. If you opt for a personal loan , this is the case, but if you opt for a revolving credit, there is no fixed course. In that case, you still have to make a monthly payment, but you as a borrower will be offered the opportunity to request a previously repaid amount again. In addition, with an installment loan, in most cases you also have a fixed repayment date, but that is not the case with a revolving credit either.

The above shows that an installment loan does not always have to be done according to standard conditions. There are loans that do this, such as the personal loan, but also for those who need flexible conditions, an installment loan in the form of a revolving credit can offer the way out. Finally, you should also take into account that different interest rates can be charged on an installment loan. Think of a fixed, but also a variable interest. The choice of interest will largely also determine the cost of your installment loan.

 

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