closed-end loan
Definition
Common type of consumer installment loan where (in contrast to an open-end loan) the borrower cannot change the (1) number and amount of installments, (2) maturity date, and/or (3) credit terms. Also called closed-end credit.
Popular 'Banking, Commerce & Finance' Terms
closed-end loan in the news
Loading...
This content can be found on the following page:
http://www.businessdictionary.com/definition/closed-end-loan.html
