closed-end loan definition

closed-end loan

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.

closed-end loan is in the Banking, Commerce & Finance subject.

closed-end loan appears in the definition of the following term: closed-end credit

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