Installment Credit (Noun)
Meaning
A loan repaid with interest in equal periodic payments.
Classification
Nouns denoting possession and transfer of possession.
Examples
- Banks usually require borrowers to commit to installment credit terms when issuing a car loan to purchase a vehicle.
- This loan comes with an installment credit feature where customers have the flexibility to pay for their purchases over a specified period of time.
- Their new policy is to pay cash upfront rather than opting for installment credit plans with high interest rates.
- A house can be a substantial financial investment for an individual who often requires installment credit in order to acquire one.
- By using installment credit programs, many young people can finally own smartphones with a monthly payment plan.