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Definition of Installment Loan

The definition of installment loan = a loan whereby the borrower pays back the lending institution in incremental payments. Usually these “installment payments” are made on a monthly basis or a biweekly frequency. Borrowers who need an installment for $1,000, $2,000, $3,000, $4,000, or $5,000 – $10,000, will often find the lenders demanding payment in [...]

What Does APR Stand For?

In simplified terms, APR is an acronym for Annual Percentage Rate. The annual percentage rate is what a lender charges you for a full year of financing. Example: you borrow $100,000 dollars for a full year the APR (annual percentage rate) is 7 % your total APR cost is $7000 paid out monthly =  $583.33 [...]