What a Personal Installment Loan Is

A Couple Talking to an Installment Lender

When you are looking to make a large purchase, cover some unexpected expenses, or consolidate existing debt, you might be searching for a solution. For many people, that solution comes in the form of a personal installment loan.

A personal installment loan is a type of loan where you borrow a sum of money from an installment lender in Mississippi and then pay it back in fixed amounts called “installments.” These are closed-ended loans, which means the lender gives you all of the money you have requested (and qualified for) upfront. As the borrower, you then pay it back in a set or fixed amount over a specific period of time.

These loans can range in value from a few hundred dollars to several thousand dollars or more. Their length can also vary from a few months to several years. The critical thing to remember is that the payments are generally the same throughout the length of the loan, which makes it easy for you to budget going forward.

Sometimes you simply cannot afford to wait when it comes to some expenses. When that is the case, a personal installment loan is a great way to get the money you need without much delay.