Dictionary.com
Thesaurus.com

installment loan

American  
[in-stawl-muhnt lohn] / ɪnˈstɔl mənt ˌloʊn /

noun

Finance.

  1. 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.

Etymology

Origin of installment loan

First recorded in 1920–25

Definitions and idiom definitions from Dictionary.com Unabridged, based on the Random House Unabridged Dictionary, © Random House, Inc. 2023

Idioms from The American Heritage® Idioms Dictionary copyright © 2002, 2001, 1995 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company.