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Which have an installment financing, you borrow a lump sum of cash

Which have an installment financing, you borrow a lump sum of cash

If you’ve ever financed an automobile, removed a mortgage or are now trying to repay student financing, you comprehend what fees financing try, though you have never read that exact term.

That you do not constantly have the currency which you use. Rather, you to lump sum payment goes toward a lender. If you take aside home financing to find property, which is a good example of a payment loan. But alternatively people getting the hundreds of thousands of bucks you could acquire, your own mortgage lender comes with the money. Then you definitely pay which cash return monthly that have interest.