What is The Difference Between a Personal Line of Credit and a Credit Card?

A line of credit allows you to make buys, usually through your bank account and then you will have to pay it back. A credit cards allows you to make buys with a credit limit.
 
A line of credit is an account set up with a limit established and you can write checks against it , up to the credit limit. You pay interest on any money used until it is paid back, there is no…

What is an installment loan?

An installment loan is a long-term loan, usually due in small installments spread out over several weeks.  Under an installment loan, the lender gives the borrower a certain amount of credit. Unlike payday loans, which usually need to be repaid within 14-31 days, an installment loan is paid out in monthly installments over the course of several months.
 
To avoid the interest…