A type of credit in which the monthly payment is the same every month and the time period to repay the loan is fixed, such as a loan.
a loan repaid with interest in equal periodic payments
Credit extended for a fixed amount with a fixed repayment term. Installment Loan: A loan for a fixed amount of money, with a fixed repayment term. Insurance: Protection against a specific loss over a period of time that is secured by the payment of a regularly scheduled premium. Interest: An amount of money charged by a lender for the use of the lender's money.
Credit accounts in which the debt is divided into amounts to be paid successively at specified intervals.
A type of credit that allows a person to borrow a specific amount of money at one time for a defined purpose. A set amount is repaid each month.
A type of credit in which the monthly payment is the same every month and the loan has a set time period. The most common forms of installment credit are mortgages and car loans.
A credit agreement that allows you to repay credit in regular payments over a specified time.
A loan, extended by financial institution or retail firms, to be repaid along with interest charge in fixed periodic payments or, if variable rate of interest is charged, to be repaid in amounts that vary with the interest charged.
Installment credit is a type of credit that has a fixed number of payments, in contrast to revolving credit.