Everyone needs money; this is a basic fact of modern life. However, if you need a specific sum of money right now and you don’t have enough in your bank account, you may need to borrow it from someone else. In this situation, most people turn to credit cards or home-equity loans, but if you don’t have an exemplary credit history or your income is quite low, you may be steered toward installment loans as an alternative. Before you jump in headfirst, you’ll need to learn how these loans work, how much money they offer, and whether they fit your particular needs and goals. So what is an installment loan? Let’s find out . . .
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