Remember that loans that have to be repaid every week or at the end of the month are typically very expensive and reserved for those in desperate financial situations, so you should always try to stick with an installment loan whenever possible. In addition, a personal loan can help to diversify your credit mix, improve your credit utilization ratio and reduce your overall debt load. https://easzfin.com/what-happens-when-you-miss-a-loan-payment/