installment loan

[ in-stawl-muhnt lohn ]

  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.

Origin of installment loan

First recorded in 1920–25

Words Nearby installment loan Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2024

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