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installment loan

[ in-stawl-muhnt lohn ]
/ ɪnˈstɔl mənt ˌloʊn /
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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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Origin of installment loan

First recorded in 1920–25
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2021

How to use installment loan in a sentence

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