An installment loan is repaid through scheduled payments over a defined period rather than requiring the full balance to be repaid at once. Each payment goes toward the amount borrowed and the applicable cost of the loan according to the terms of your agreement.
An installment loan is a type of borrowing with a defined amount borrowed, applicable rates and fees, payment schedule and repayment period
Instead of making payments indefinitely on a revolving balance, an installment loan has a set amount borrowed and a specified repayment period. You make the scheduled payments described in your agreement until the loan is paid according to its terms.
This structure can make it easier to understand how much you are expected to pay and when the loan is scheduled to be completed.
The main characteristic of an installment loan is its repayment structure.
A revolving account generally allows you to borrow, repay and borrow again within an available credit limit. An installment loan instead provides a defined amount that is repaid according to a scheduled plan.
This can make an installment loan easier to plan around when you prefer to know the payment schedule and expected repayment period in advance.
The fact that a loan is an installment loan does not by itself determine the interest rate, fees or other terms. Those details depend on the lender, the borrower’s application and applicable requirements.
Guides on installment loans: Installment loans explained with an example, The disadvantages of installment loans, Can an installment loan help build credit?. More in What Loans Cost and How They Work.
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By paying off your loan in regular installments, not only can you manage your payments with ease, but you can also work towards building and improving your credit score over time.
Our mission is to help consumers achieve financial stability by providing easy installment loans with affordable payment plans.
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It was fast and easy
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Serving Borrowers Across the Lone Star State Whether you are in the Panhandle, the Gulf Coast, or the DFW metroplex, Loan Ridge is your local credit access business. Our digital platform allows us to fund loans instantly throughout Texas, adhering to all OCCC regulations. We are proud to serve the entire state, with a strong presence in major hubs such as:
Financial Solutions for All of Utah Loan Ridge is committed to helping Utahns from Logan to St. George. As a state-licensed lender, we offer secure, transparent loans accessible from your computer or smartphone, no matter where you live. While we cover every corner of the Beehive State, we frequently serve customers in these key communities:
Proudly Serving All of Missouri Loan Ridge provides accessible financial solutions to residents across the entire state of Missouri. From the busy streets of Kansas City to the quiet neighborhoods of the Ozarks, our fully online process means you can apply from anywhere. While we serve every zip code in the state, our most frequent borrowers come from Missouri’s largest communities, including:
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