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.
Mentioned in these definitions
Popular 'Banking, Commerce & Finance' Terms
installment loan in the news
Loading...
This content can be found on the following page:
http://www.businessdictionary.com/definition/installment-loan.html
