What does installment loan mean?
Definitions for installment loan
in·stall·ment loan
This dictionary definitions page includes all the possible meanings, example usage and translations of the word installment loan.
Princeton's WordNet
installment credit, installment loannoun
a loan repaid with interest in equal periodic payments
Wiktionary
installment loannoun
A loan that is repaid over time with a set number of regularly scheduled payments. A mortgage, for example may be considered a type of installment loan.
Wikipedia
Installment loan
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, and repaid over time by regular payments of principal and interest. These “installment loans” are generally considered to be safe and affordable alternatives to payday and title loans, and to open ended credit such as credit cards. In 2007 the US Department of Defense exempted installment loans from legislation designed to prohibit predatory lending to service personnel and their families, acknowledging in its report the need to protect access to beneficial installment credit while closing down less safe forms of credit.
ChatGPT
installment loan
An installment loan is a type of loan that is repaid over a specified period of time through a set number of scheduled payments, usually at least two payments. The loan typically comes with an agreed-upon interest rate and can be used for various purposes such as buying a car or home, paying for education, or consolidating debt. The loan term and payment schedule are typically determined at the beginning of the loan.
Wikidata
Installment loan
An installment loan is a loan that is repaid over time with a set number of scheduled payments, normally only 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, for example, is a type of installment loan. The term is most strongly associated with traditional consumer loans, originated and serviced locally, and repaid over time by regular payments of principal and interest. These “installment loans” are generally considered to be safe and affordable alternatives to payday and title loans, and to open ended credit such as credit cards. In 2007 the US Department of Defense exempted installment loans from legislation designed to prohibit predatory lending to service personnel and their families, acknowledging in its report the need to protect access to beneficial installment credit while closing down less safe forms of credit.
Matched Categories
Numerology
Chaldean Numerology
The numerical value of installment loan in Chaldean Numerology is: 9
Pythagorean Numerology
The numerical value of installment loan in Pythagorean Numerology is: 1
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"installment loan." Definitions.net. STANDS4 LLC, 2024. Web. 28 Apr. 2024. <https://www.definitions.net/definition/installment+loan>.
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