Installment loan

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An installment loan is a loan that is repaid over time with a set number of regularly scheduled payments. The term of loan may be as little as a few months and as long as 30 years. A mortgage, for example may be considered a type of installment loan. In many cases you will have even payments with the final payment different from the rest. The reason for this is to capture any remaining amount due to rounding issues. You may also have an uneven first payment, this is due to the timing of origination of the loan. For example, if the company you borrow from schedules repayments on the 1st and your loan is originated on the 25th, your first payment my be for only the remaining 5 or 6 days of the month. All other payment will be for even dollar amounts.

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