Are personal loans installment or revolving?

Personal loans are installment loans. Installment loans have a set principal amount and a predetermined term length. Mortgages and auto loans are two common examples. On the other hand, revolving credit accounts are characterized by not having a specific principal amount and no predetermined payoff date. For example, if you have a credit card with a $10,000 limit, your principal balance can be anywhere from $0 to $10,000, depending on how much you decide to charge on the account. Personal loans are made for a set dollar amount, and the balance will be paid down to zero when all monthly payments are made.