An installment loan is a type of agreement or contract involving a loan that is repaid over time with a set number of scheduled payments; normally at least two payments are made towards the loan. The term of loan may be as little as a few months and as long as 30 years. A mortgage loan, for example, is a type of installment Is an Installment Loan & What Are Some Examples What Is an Installment Loan and How Does It Work What is an Installment Loan and How Does it Work? | MoneyKeyWhat is an Installment Payment? (with pictures)01/03/2021 · An installment loan is actually a common credit product. In fact, you might already have one or two of your own. Installment loans—also known as installment credit—are closed-ended credit accounts that you pay back over a set period of time. They may or may not include ;· An installment loan is a type of loan where you borrow a set amount of money all at one time. You then repay the loan over a fixed number of payments, called installments. Many installment loans also have fixed payment amounts, meaning the amount doesn’t change over the life of the loan — whereas if you have a variable interest rate that amount can An installment loan is a type of agreement or contract involving a loan that is repaid over time with a set number of scheduled payments; normally at least two payments are made towards the loan. The term of loan may be as little as a few months and as long as 30 years. A mortgage loan, for example, is a type of installment loan. The term is most strongly associated with traditional consumer loans, originated and serviced locally, a…The noun INSTALLMENT LOAN has 1 sense: 1. a loan repaid with interest in equal periodic payments Familiarity information: INSTALLMENT LOAN used as a noun is very ;· In summary, installment loans involve borrowing money from a financial institution and paying them back with interest and fees over a series of pre-determined payments.

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