An installment loan can be a great way to pay for a car, home or even pay a portion of a college degree, depending on your financial situation. Home equity loans, come in handy for home renovation and extension, also are installment loans, as are personal loans. Payday loans, also often referred to as “spot loans” or “no credit check loans” are generally expected to be paid back in a lump sum when the borrower gets their next paycheck. Legislations regarding payday loans widely vary between countries, different states or provinces, and in federal system