You might have heard of installment loans but exactly what does which means that? You are most likely more familiar if youвЂ™ve paid rent or a car loan, youвЂ™ve already had an installment loan than you think. In this beginnerвЂ™s guide we explain exactly what an installment loan is and just why people choose installment loans over other kinds of loan choices. Installment Loans: Installment loans are loans which can be reimbursed through a number of scheduled payments with time. Here you will find the top 3 reasons just exactly just how installment loans vary off their kinds of loans: No Credit Checks – whenever taking right out a pay day loan or name loan, you might get rejected when you yourself have a bad credit rating. With installment loans, you donвЂ™t must have an exemplary credit score to meet the requirements since your credit rating is never ever needed.