nstallment loans are a type of loan that is repaid over a set period through regular, fixed payments, which typically include both principal and interest. Common examples of installment loans include mortgages, auto loans, personal loans, and student loans. These loans are structured with a clear repayment schedule, often spanning several months to years, depending on the loan amount and terms. Borrowers benefit from predictable monthly payments and the ability to budget accordingly. Installment loans can be either secured, requiring collateral, or unsecured, based solely on the borrower's creditworthiness. They provide a practical option for financing significant expenses or consolidating debt, with terms and interest rates varying based on the lender and the borrower's financial profile.
