There is no obligation on the use of these small loans. They can be used to pay bills such as car notes, utility bills, medical emergency, tuition fees, home repairs, renovation, etc
It is a cash advance that is repaid over time with a fixed number of scheduled biweekly, semi- monthly or monthly payments of equal amount. Also known as installment debt, it gives you greater repayment flexibility. Moreover, it allows prepayment with no penalty, which will save you interest. Examples of installment loans are mortgage loans, student loans, car loans, home equity loans, etc.