If you can't pay cash for a larger purchase, your only other options are either entering into a contract for an installment loan or using a credit card. While credit cards are more convenient, there are several reasons why choosing to pay for your purchase with an installment loan is a better choice.
What is an installment loan?
An installment loan is a contractual agreement to repay a debt with a fixed number of equal payments, which are usually paid monthly.
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