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Kinds of installment loans

Kinds of installment loans

Here are some typical installment loan kinds:

  1. Personal bank loan – your own loan is a “catch-all” term often talking about a loan that’s not guaranteed by collateral and repaid in installments. Signature loans will have a term usually of just one to 5 years and can should be reimbursed in regular installments, often month-to-month. Because unsecured loans frequently need no security, the financial institution or online loan provider has absolutely nothing to repossess if you fail to repay the loan.