Installment loans are ideal for a one time borrowing need. It is a loan with a fixed term and most commonly has a fixed rate. The closed end loan has a fixed payment schedule to repay the loan amount.
Line of Credit
Personal Credit line (PCL) is an open-ended line of credit. It provides a reusable source of cash that allows customers to borrow up to their approved credit limit during the life of the line without having to reapply for a new loan. A PCL is revolving credit and usually has a variable rate.