With an installment loan, the borrower:

can borrow up to a maximum of $\backslash (\backslash$$ $100,000\backslash ).$

is told how much they can potentially borrow, and then using a debit card or checkbook, can access the money and repay the loan and interest through flexible repayments.

can receive a short$-$term loan from a bank or credit union by pledging an upcoming automatic account deposit, such as a paycheck, as repayment of the loan and fees.

receives the full amount of money up front and then makes regular payments to repay the loan and interest.