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Installment Loan Basics

This lending solution may fit your borrowing needs.

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The term of an installment loan will always correlate to its use. A business cycle loan may be written as a four-month installment loan and would carry the lowest interest rate since the risk to the lender is from one to seven years (the typical length of a business cycle). In contrast, real estate and renovation loans may be written up to 21 years.

Excerpted from Grow Your Business