It is also important to research all available sources of private loans before making a decision. In order to make a wise decision, a student should ask for advice from a financial aid office, family, friends and counselors. They will also need to know what the different types of loans available are in order to make the best decision for their situation. They will also want to understand the costs of the loans and how much they can expect to receive once their loan is approved. Interesting article

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An installment loan is basically a loan which is repaid in periodic installments, like most auto loans and mortgage loans. Installment loans have been especially created to suit the needs of borrowers who cannot afford to repay an outright loan on its due date. Instance is the monthly instalment loan to purchase a car.

payments for a single piece of property. However, due to the high risk factor involved, it is considered less safe than a secured loan. Instance is the balloon-payment loan which is a riskier option than an installment loan, and yet offers lower monthly instalments. If the borrower defaults on the loan, then the loan provider would take possession of his property.

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