What exactly is an installment loan and how do you get one?
Matt asked:
I’m 18 and trying to build credit, and I’m looking to get an installment loan.
I’m 18 and trying to build credit, and I’m looking to get an installment loan.
Would it be a type of loan where I would take out, say, $1000 and put up $1000 of my own as collateral? I know that I pay it off over a set amount of time at a set interest rate.
I’m just wondering if it’s the kind of loan where I would put something up as collateral or how does it work?
I already have a credit card.
