The definition of installment loan = a loan whereby the borrower pays back the lending institution in incremental payments. Usually these “installment payments” are made on a monthly basis or a biweekly frequency.
Borrowers who need an installment for $1,000, $2,000, $3,000, $4,000, or $5,000 – $10,000, will often find the lenders demanding payment in a very short time period. Of course for 10,000 dollars there can be installment paid back every month – same as some 5,000 dollar loans. By and large though, if the loan is for a cash amount under 3,000 the borrower will be asked to pay back the loan in one or two lump sum amounts. There are usually high fees associated with these smaller “micro-loans” as well. Opening and closing fees are usually where banks, lenders, and a cash advance companies make all their profit.
A mortgage or car loan that is paid back over a number of years are perfect examples of installment loans. An installment loan is simply a loan that is paid back in “chunks” over time. There is nothing new or miraculous about this kind of lending product.
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