What kind of loans typically have terms ranging from a few months to 30 years?

Installment loans are characterized by their structured repayment terms, which can vary widely, usually spanning from a few months to up to 30 years. This loan type allows borrowers to receive a lump sum of money upfront, which they then repay over time in fixed amounts, known as installments. The flexibility in the duration of the terms makes installment loans suitable for various financial needs, such as purchasing a car, financing education, or buying a home.

In contrast, quick loans and payday loans are usually designed for much shorter terms, typically requiring repayment within a few weeks or months. Secured loans often involve property or collateral but do not define their term lengths in the same way as installment loans. Thus, the distinguishing feature of installment loans is their broad range of repayment terms that accommodate different borrower situations.