What is another word for installment credit?
Pronunciation: [ɪnstˈɔːlmənt kɹˈɛdɪt] (IPA) 
Installment credit refers to a type of loan that is repaid in fixed monthly payments, over a specific period of time, which is mainly used for purchasing high-value items such as a car, home or computer equipment. Other terms that can be used interchangeably with installment credit include installment loan, term loan, fixed payment loan, and amortizing loan. These loans are typically offered by banks, credit unions, and online lenders. Installment credit can be a suitable option for people with predictable and steady income streams as they can plan and budget their monthly payments accordingly. It is important to do your research and compare the terms of different installment credit offers before committing to one.
