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Some traditional loans have strict rules about credit scores or needing collateral (like a car or house). However, it is important for borrowers to carefully consider the loans terms of their installment loan before agreeing to take it out.
The lender will hold onto the fl loan funds until the loan is paid off, at which point the funds are released to the borrower. Overall, installment loans can be a useful financial tool for those who need to borrow a large sum of money and want to pay it back over a longer period of time.