A loan that is paid back on a schedule is called an installment loan. Car loans, mortgages, student loans, and personal loans are all examples of installment loans. Loans can vary in amount from hundreds to thousands of dollars. Interest rates can be either variable or fixed. Variable interest rates change over the life of the loan. Fixed interest rates remain the same for the life of the loan. Installment loan lenders require a credit check to approve an installment loan.