Installment Loans

Amortization is the process by which scheduled loan payments gradually reduce principal over time.

An auto loan is an installment loan used to finance a vehicle purchase and repaid over a defined term.

A credit-builder loan is a small loan designed mainly to help a borrower build payment history and credit file depth.

A fixed payment is a scheduled loan payment that stays the same amount throughout the loan term under normal conditions.

An installment loan is a closed-end loan repaid through scheduled payments over a defined term.

Installment-loan terms that explain fixed-payment borrowing, payoff schedules, and the structure of closed-end consumer loans.

An interest rate is the pricing percentage used to calculate the cost of borrowing a loan balance over time.

A loan term is the length of time the borrower is expected to take to repay a loan under the agreement.

A monthly payment is the scheduled amount a borrower must pay each month on an installment loan.

An origination fee is a charge for making or setting up a loan.

A personal loan is an installment loan borrowed for general consumer use rather than for one narrowly restricted purchase.

Principal is the core amount borrowed or still owed before adding the cost of interest.

A secured loan is a loan backed by collateral that gives the lender a stronger claim if the borrower does not repay.

A student loan is an installment-based education borrowing obligation used to help pay eligible schooling costs.