installment loan

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

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.

QUIZZES

BEAT THE DOLDRUMS WITH THIS WORD OF THE DAY QUIZ!

We know you’ll tackle this quiz totis viribus! See how many words from the week of Oct 12–18, 2020 you get right!
Question 1 of 7
What does “Indigenous” mean?

Origin of installment loan

First recorded in 1920–25
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2020