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What is the difference between a personal installment loan and a personal line of credit?

April 26, 2017installment line of credit loan

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What is the difference between a personal installment loan and a personal line of credit?

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A personal installment loan is ideal when you know how much money you need upfront and you don’t anticipate needing additional financing in the near future. With a personal installment loan, you receive the entire loan amount upfront. A personal line of credit is ideal when you are not sure how much you need or when you will need it. With a personal line of credit, you borrow only the funds you need at the time you need them without having to reapply during the term of the line of credit.