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However, another segment of the nonbank consumer credit market—installment loans—is less well-known but has significant national reach. Having a mix of installment and revolving accounts can help you build your credit score. An installment loan is a fixed amount of money that you borrow and then repay in equal increments, at regular intervals for a specified period of time. There are many different types of installment loans, as you can see in the table below. While it is believed that installment loans are a fairly new concept, we have evidence of this practice dating back to 3500 BC! While having…

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Most people intend to pay for the things that they buy on credit—which is a good thing. Contact creditors as soon as possible if you won’t be able to make a payment and ask for more time. Many are willing to work with consumers they believe are acting in good faith. Be wary of big promises.Does a lender say you can be approved for a loan regardless of your credit history or rating? Bankruptcy is intended to give the debtor a fresh start and is not meant to provide a means for debtors to deceive creditors by discharging debts they…

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