What is an example of an installment loan? This question is about Best Installment Loans of March 2023

What is an example of an installment loan?

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This question is about Best Installment Loans of March 2023

Grace Enfield, Content Writer

@grace_enfield • 08/18/22 This answer was first published on 08/18/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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An example of an installment loan is a personal loan. Personal loans are typically unsecured, which means you won’t have to put up anything as collateral to get the loan, and they can be used for almost anything, such as debt consolidation, home improvements and big purchases.

With a personal loan, the lender will give you a lump sum of money that you will need to repay, plus interest, over 12 - 84 months. On-time payments will help improve your credit score since the lender will report positive information to the credit bureaus.

There are other types of installment loans that you should know about, too. You can see more examples below.

6 Installment Loan Examples

If you think a personal loan is right for you, check out WalletHub’s picks for the best personal loans. Then, you can use our free pre-qualification tool to estimate your potential rates.

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