Loan repaid with interest owed, in equal periodic payments of principal and interest. Installment loans are fully amortizing loans, repayable over a fixed amortization schedule in monthly installments. These loans can be secured by personal property-for example, an auto loan-but not real estate. If the loan is to a consumer, disclosure of finance charges is required by federal consumer protection laws. See also Chattel Mortgage; Conditional Sales Contract; Consumer Credit; Personal Loan.
Installment credit
| Banking Dictionary: Installment Credit |
| 5min Related Video: Installment credit |
| WordNet: installment credit |
Note: click on a word meaning below to see its connections and related words.
The noun has one meaning:
Meaning #1:
a loan repaid with interest in equal periodic payments
Synonym: installment loan
| Wikipedia: Installment credit |
Installment credit is a type of credit that has a fixed number of payments, in contrast to revolving credit.
Examples
- Land loan
- Home construction loan
- Home mortgage
- Some equity loans
- Home improvement loan
- Automobile loan
- Boat loans or RV loans specialty finance
- Student loan
- Personal loan
- Vacation loan
See also
This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)
Learn More
 | Installment Note (in banking) |
| installment plan |
| Fair Credit Billing Act (in banking) |
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Copyrights:
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 | Banking Dictionary. Dictionary of Banking Terms. Copyright © 2006 by Barron's Educational Series, Inc. All rights reserved. Read more |
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| WordNet. WordNet 1.7.1 Copyright © 2001 by Princeton University. All rights reserved. Read more |
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| Wikipedia. This article is licensed under the Creative Commons Attribution/Share-Alike License. It uses material from the Wikipedia article "Installment credit". Read more |
Related answers
- What is the difference between installment credit and revolving credit?
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Mentioned in
- Installment Note (in banking)
- installment plan
- Fair Credit Billing Act (in banking)
- Odd Days Interest (in banking)
- Personal Loan (in banking)
- Carrying Charge (business term)
- Billing Cycle (in banking)
- Prepayment (finance term)
- Consumer Credit (in banking)
- Loan (in banking)
- installment (in marketing)
- Farmers & Merchants Bancorp
- Installment Buying, Selling, and Financing (American history)
- Down Payment (legal term)
