Many loans are repaid in one lump-sum, including interest. Installment loans are different because principal and interest are paid off with equal, regular payments over time.
Payment schedules may coincide with the a borrower's weekly, bi-weekly, or monthly pay dates for wages or other income. Depending on the lender and loan amount, payments may be made automatically, so you don't have to worry about remembering payment dates or rushing to a post office.
The amount of each individual repayment, as well as the number of repayments, depends on the loan amount, and other factors. Often, borrowers who get biweekly income payments may have biweekly loan repayments of less than $100.
Note: This website is an advertising service that connects consumers like you with financial institutions that could help you out. You'll get specific details about your installment loan qualifications, amount, and other key terms from a financial institution once they assess your information and before you agree the loan's terms (see How It Works). Also, you may not qualify for an installment loan, and you may be offered an alternative financial solution. As such, the above information may not apply to you.