installment loan
Definition
Consumer or business loan (such as for a vehicle, vacation, or equipment) in which the principal and interest are repaid in equal installments at fixed intervals (usually every month). These loans are commonly secured by the item purchased or by the personal property (excluding real estate) of the borrower.
installment loan is in the Banking, Commerce & Finance subject.
installment loan appears in the definitions of the following terms: rule of 78, closed-end loan, constant payment loan, hire-purchase, installment credit, delinquency, loan, amortized loan, mortgage loan and consolidation loan
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