User: What is the difference between a bank loan and an installment loan?
Assistant: The main difference between a bank loan and an installment loan is that a bank loan is usually a lump-sum amount that is repaid over a fixed period of time, while an installment loan is paid back in smaller, fixed payments or installments over a period of time. Bank loans typically require collateral, while installment loans may not. Additionally, installment loans might be easier to qualify for than a bank loan, but usually have higher interest rates.