Installment debt

Installment debt,

Definition of Installment debt:

  1. A debt or loan that is entered into with the understanding that the principal and interest will be paid off over time in regular payments.

Meaning of Installment debt & Installment debt Definition

Installment Debt,

What is The Meaning of Installment Debt?

Definition of Installment Debt: An installment loan is a loan that the borrower repays in regular installments. Payable accounts are usually paid in equal monthly installments, including interest and a portion of the principal. This type of loan is a foreclosure loan for which lenders have to create a standard repayment schedule that lists payments over the life of the loan.

  • Installment loans are loans that are repaid in regular installments, like most mortgages and auto loans.
  • Installment loans are good for lenders because they provide a way to finance expensive items while allowing lenders to make regular repayments.
  • Installment loans are generally less risky than non-installment replacement loans, such as fixed-term loans or interest-based loans.

Literal Meanings of Installment Debt

Installment:

Meanings of Installment:
  1. Amount due out of several equal payments for something spread over a given period.

  2. One of the many parts of anything is regularly posted, broadcast or published.

  3. The process of installing something through installation.

Sentences of Installment
  1. The first installment of housing assistance

  2. Photoshoot of the last part of his Vietnamese trilogy

  3. Payments begin early next year.

Synonyms of Installment

bit, portion, part, section, segment, division, partial payment, part payment

Debt:

Synonyms of Debt

outstanding payment, bill, tally, money owing, financial obligation, amount due, account