Advertisement
Advertisement
installment loan
[in-stawl-muhnt lohn]
noun
a loan that allows someone to borrow a set amount of money and to repay it over a predetermined fixed period of time in regular installments, normally set up by the lender with equal installments that include both interest on the loan plus gradual repayment of the principal.
They bought their new home and car using installment loans.
51Թ History and Origins
Origin of installment loan1
Example Sentences
Answer: A car loan might boost your scores, especially if you don’t already have an installment loan such as a mortgage on your credit reports.
The issuer that rejected their application cited a lack of an installment loan history.
However, a home-equity loan is an installment loan, meaning you receive all of your funds at once and repay it in equal monthly installments.
Consumer Financial Protection Bureau: What is a personal installment loan?
Some lenders suspend payments temporarily, while others may require that the installment loan be paid as agreed, until the inquiry concludes.
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Browse