Installment Loan

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Related to Installment Loans: Personal loans

Installment Loan

A loan that is repaid in a certain number of payments in the same amount. Interest is computed in advance and is rolled into the payments. For example, a mortgage amortized over 30 years is an installment loan because the payments are equal to each other and the loan is repaid after the 30 years have expired.
References in periodicals archive ?
Rise's line of credit will offer the same simple application, approval process, rates and flexibility of the installment loan product.
the financial services technology company started by Max Levchin to give consumers fair and honest financial products, has announced the 1-millionth consumer installment loan processed through Affirm and made by its bank partner, Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, the company said.
Tribal Installment Loans' has offered installment loans through online transactions, allowing borrowers receive as much as USD1000, available as soon as the next business day, the company said.
Enova International (NYSE: ENVA) has entered into a USD175 million financing facility for its NetCredit installment loan portfolio, which includes an initial draw of USD107 million, secured by USD127 million in unsecured consumer loans, and a USD20 million revolving note for warehousing new and seasoned loans for a period of time, the company said.
TransUnion's database shows that the number of installment loan accounts has increased by more than seven percent, and delinquency rates (90+ days delinquent) for installment loans saw the biggest drop of all credit products, declining nearly 15 percent.