Final answer:
An installment loan offers the entire loan amount upfront with regular repayments for a fixed period, unlike short-term loans like payday loans.
Explanation:
An installment loan is a long-term personal loan where the entire loan amount is provided upfront, and regular repayments are required for a fixed period of time. This type of loan is commonly used for large purchases like cars or homes.
Unlike payday loans or deposit advances that are typically short-term and have higher interest rates, an installment loan allows borrowers to make equal payments over a specified period until the loan is fully repaid.
When considering loans, it's important to understand the terms and obligations attached to each type in order to make informed financial decisions.
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