What is an Installment Loan?

An Installment Loan is a multi-payment loan which allows you to repay the loan in scheduled equal payment amounts (the last payment may vary slightly). The number of installment payments required to repay your loan depends on the frequency of your income (for example, bi-weekly, monthly), and the term of the loan. Please note, these types of loans should only be used for short-term financial needs, not as a long-term solution to financial problems.