Installment Loan
/ˈɪnstɔːlmənt loʊn/
Definitions
- (n.) A type of loan repaid over time with a set number of scheduled payments or installments.
The borrower secured an installment loan to finance the purchase of a car.
Forms
- installment loan
- installment loans
Related terms
See also
Commentary
Installment loans commonly appear in consumer finance, characterized by fixed repayment schedules that distinguish them from revolving credit.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.