We just lowered the interest rate on my wife's loans from 7.25% to three.5% and the speed on my student loans from 5.75% to three.75%. An installment mortgage is a mortgage that's repaid over time with a set variety of scheduled funds. Permitted money will solely get transferred into the non-public bank account of the applicant. Some payday mortgage lenders get you with hidden charges, rollovers and unclear interest rates.