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The Basics of Installment Loans Installment loans are a type of borrowing the place the borrower receives a lump sum of cash upfront and agrees to pay it back in fixed installments over a predetermined period. This structure appeals to many because it offers predictable monthly payments and clear reimbursement terms. Typically, these loans are used for main expenses corresponding to medical payments, house repairs, or consolidating debt. For individuals with bad credit, discovering lenders that offer favorable phrases can be a challenge, but understanding the fundamentals of those loans can pave the means in which for smarter borrow
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