Why Apply For An Installment Loan Rather Than A Line Of Credit?
While both personal installment loans and lines of credit are effective ways to borrow money, these loans have different advantages and disadvantages. There are times when an installment loan is a better option. When should you consider borrowing money this way?
You Want to Borrow a Fixed Amount
While a line of credit has a maximum loan amount, this doesn't cap your overall borrowing. You can continue to borrow whenever you have credit on your account.
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