What are Military Installment Loans?
Military installment loans are obviously intended for military employees, but what is an installment loan? An installment loan is simply a type of loan that you pay back over a previously agreed upon time period in predetermined payments. Most installment loan repayments are made on a monthly basis. An example would look something like a three year repayment schedule at some fixed amount, or in other words, 36 monthly payments of X dollars. There are two types of military installment loans. The first is a secured loan. A secured loan is one that is backed by some type of collateral. This means that the loan amount is secured against a physical asset in case of default. The second loan type is an unsecured loan. Unsecured loans do not have collateral backing and because of this usually have higher interest rates than secured loans. In the event of default of payment, there is no tangible asset to seize and banks therefore charge higher interest to compensate for their assumed risk. Mili
