Q:

How do you repay a 12-month installment loan?

A:

Quick Answer

Twelve-month installment loans require a monthly payment of the same amount due on the same day every month, as Avant Credit explains. The monthly payments include finance charges that are based on the interest rate determined when the loan was made and the amount borrowed.

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Full Answer

Often the balance due on an installment loan can be prepaid before the due date; doing so saves money on accrued interest and finance charges, as Check Into Cash explains. Installment loans are similar to payday loans and are sometimes taken by individuals with bad credit to get ready cash or to help them establish a better credit record.

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