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installment loan

[ in-stawl-muhnt lohn ]

noun

, Finance.
  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.

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Word History and Origins

Origin of installment loan1

First recorded in 1920–25

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