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What is the difference between an installment loan and a credit line?
An installment loan is a more traditional type of loan in which the borrower requests and then take the total amount you need at a time. The borrower pays that amount for a period of time equal payments (fees) until the loan is paid in full. If more money is needed, the borrower must reapply for another loan. Typical examples of installment loans are car loans or mortgages.
A credit line offers consumers a solution more flexible loans and, usually, is more suitable for those who have borrowing needs vary. Once approved, the borrower can access any part of that line of credit, up to the maximum amount approved at any time (provided the account is in good condition). The credit lines are intended to be taken several times without having to reapply. Interest and / or fees are assessed solely on the amount borrowed / outstanding. None available, but unused credit incurs no interest or fees.