INSTALLMENT LOAN Definition & Meaning

installment loan

[ in-stawl-muhnt lohn ]

Phonetic (Standard)IPA

noun

Finance.

a loan that allows someone to borrow a set amount of money and to repay it over a predetermined fixed period of time in regular installments, normally set up by the lender with equal installments that include both interest on the loan plus gradual repayment of the principal:
They bought their new home and car using installment loans.

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51�Թ� History and Origins

Origin of installment loan¹

First recorded in 1920–25

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Example Sentences

Examples have not been reviewed.

The issuer that rejected their application cited a lack of an installment loan history.

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However, a home-equity loan is an installment loan, meaning you receive all of your funds at once and repay it in equal monthly installments.

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Consumer Financial Protection Bureau: What is a personal installment loan?

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Some lenders suspend payments temporarily, while others may require that the installment loan be paid as agreed, until the inquiry concludes.

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Instead, consider a personal loan or targeted offers from issuers that turn available credit on a credit card into a less pricey installment loan that puts cash in your bank account.

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